Vande Matram!
This is an article related to General Agreement on Tariffs and Trade.
It includes Short Questions and answers.
General Agreement on Tariffs and Trade
· What is GATT?
o General Agreement Tariffs and Trade.
· When GATT was signed firstly?
o October 30, 1947
· How many countries signed GATT initially?
o 23 countries including India
· Since when India is member of GATT?
o 8 July 1948
· Who signed GATT on behalf of India?
o Mr. S. Ranganathan
· What is purpose of GATT?
o GATT is a legal agreement minimizing barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies while preserving significant regulations.
· What is intention of GATT?
o The GATT was intended to boost economic recovery after World War II through reconstructing and liberalizing global trade.
· When did GATT come in to force?
o January 1, 1948
· Who is responsible for GATT?
o The Council for Trade in Goods (Goods Council)
· Is GATT still in existence?
o Maybe because in 1995, the General Agreement on Tariffs and Trade (GATT) was absorbed into the World Trade Organization (WTO), which extended it.
· Which principle is adopted by States in setting tarrifs?
o The most-favored-nation principle which means all nations are equal.
· How many rounds GATT had held?
o GATT had held 8 rounds from April 1947 to December 1993.
· Where and when did GATT meetings held in the history?
o First meeting: Geneva, Switzerland in April 1947, 23 countries participated
o Second meeting: Geneva, Switzerland, April 1949, 13 countries participated
o Third meeting: Torquay, England, September 1950, 38 countries participated
o Forth meeting: Geneva, Switzerland, 1956, 26 countries participated
o Eighth meeting: Uruguay Round, December 1993, negotiated formation of WTO.
Thanks for reading. Please share this article with all your friends. Comment below which subject you want to explore.
#GATT #Trade #Tarrif #WTO #India #InternationalLaw #IntellectualPropertyLaw #BusinessLaw
#BharatMataKiJay.
