All of the following statements about GATT are true except: a. GATT remained in place and did not have a successor. b. GATT was formed as a temporary measure to lower tariffs. c. GATT was based on the principle of consensus. d. the agreement was based on most favored nation status, national treatment, and consensus.

Question

Social Studies

Karlie

18 August, 17:57

All of the following statements about GATT are true except: a. GATT remained in place and did not have a successor. b. GATT was formed as a temporary measure to lower tariffs. c. GATT was based on the principle of consensus. d. the agreement was based on most favored nation status, national treatment, and consensus.

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Alani Allison · Answer 1

Option A

Explanation:

The WTO (world trade organization) was the successor to GATT (1947) after members of GATT agreed to terms that would facilitate the smooth transition GATT members into WTO members. WTO was formed after seven years of delegation amongst members of GATT came to conclusion of establishing a new organization with an entirely new trade treaty.