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 economic circumstances

to administer all multilateral trade agreements

none of the above

Correct Answer:

to administer all multilateral trade agreements

Explanation:

The correct answer is Option 3: to administer all multilateral trade agreements

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.