GK
WORLD ORGANISATIONS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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World Economic and Social Development Organisation(WESDO)
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General Agreement on Tariffs and Trade(GATT)
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World Economic Forum on Free Trade(WEFFT)
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Bretton Woods
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Detailed explanation-1: -Trade negotiations. The World Trade Organization came into being in 1995. One of the youngest of the international organizations, the WTO is the successor to the General Agreement on Tariffs and Trade (GATT) established in the wake of the Second World War.
Detailed explanation-2: -The GATT aimed “substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis”, so that the economic recovery after World War II can be boosted.
Detailed explanation-3: -The GATT was first discussed during the United Nations Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO). It was signed by 23 nations in Geneva on 30 October 1947, and was applied on a provisional basis 1 January 1948.
Detailed explanation-4: -General Agreement on Tariffs and Trade (GATT) is a multilateral agreement made by different countries. The purpose was for decreasing trade obstacles like tariffs and quotas. It was signed in the year 1948 but later on, it was replaced by WTO (World Trade Organization) in the year 1995.