Practicing Success

Target Exam

CUET

Subject

Economics

Chapter

Indian Economic Development: Liberalisation, Privatisation and Globalisation - An Appraisal

Question:
Why was "GATT" established?
Options:
to cater the needs of developed countries
to prepare for unforeseen war circumstances
to administer all multilateral trade agreements
none of the above
Correct Answer:
to administer all multilateral trade agreements
Explanation:
GATT was established in 1948 with 23 countries as the global trade organisation to administer all multilateral trade agreements by providing equal opportunities to all countries in the international market for trading purposes.