Question

________ was a multilateral agreement established in 1947 whose objective was to liberalize trade by eliminating...

________ was a multilateral agreement established in 1947 whose objective was to liberalize trade by eliminating tariffs, subsidies, import quotas, and the like.

Multiple Choice

Asia-Pacific Economic Cooperation (APEC)

North American Free Trade Agreement (NAFTA)

General Agreement on Tariffs and Trade (GATT)

Smoot-Hawley Act

Trans Pacific Partnership (TPP)

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Answer #1

Answer: General Agreement on Tariffs and Trade (GATT)

Explanation: GATT was the trade act to support the international trade and it was established in the year 1947. GATT is to eliminate the trade taxes, tariffs, provides subsidies to boost the trade between different countries.

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