GK
WORLD ORGANISATIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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IMF
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GATT
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IBRD
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Bretton woods system
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Detailed explanation-1: -The WTO replaced GATT as an international organization, but the General Agreement still exists as the WTO’s umbrella treaty for trade in goods, updated as a result of the Uruguay Round negotiations.
Detailed explanation-2: -The GATT is the General Agreement on Tariffs and Trade. The WTO is the World Trade Organization. GATT was an international treaty with a temporary international existence, whereas the World Trade Organization is a permanent body whose authority has been ratified by its many member nations.
Detailed explanation-3: -The General Agreement on Tariffs and Trade (GATT) covers international trade in goods. The workings of the GATT agreement are the responsibility of the Council for Trade in Goods (Goods Council) which is made up of representatives from all WTO member countries.