Understanding GATT: The Full Form Explained
The question asks for the meaning of the acronym GATT. GATT is a significant term in international economic relations.
What does GATT stand for?
GATT stands for General Agreement on Tariffs and Trade. This agreement was established after World War II to regulate and promote international trade among its member countries.
Analyzing the Options for GATT
Let's look at why the correct option is the best fit:
- Option 1: General Agreement on Tariffs and Trade - This option correctly expands the acronym GATT. It accurately reflects the agreement's focus on reducing trade barriers, specifically tariffs (taxes on imported goods) and other trade-related issues.
- Option 2: General Agreement on Tax and Trade - This option is incorrect because GATT specifically deals with tariffs, which are a type of tax on imports, rather than general taxes. The term used is 'Tariffs', not 'Tax'.
- Option 3: General Agreement on Trade and Terms - This option is incorrect. While trade involves terms, the specific focus of GATT was on tariffs and quantitative restrictions, not just general 'terms'.
- Option 4: General Agreement on Tariffs and Tax - Similar to option 2, this is incorrect because the agreement's name focuses on tariffs and broader trade rules, not general 'tax'. The second 'T' stands for 'Trade', not 'Tax'.
Key Information about GATT
The General Agreement on Tariffs and Trade was a foundational agreement for global commerce. Key points include:
- It aimed to create rules for international trade and reduce trade barriers.
- It was signed in 1947 and came into effect in 1948.
- GATT was eventually superseded by the World Trade Organization (WTO) in 1995, following the Uruguay Round of trade negotiations.
Therefore, the correct expansion of GATT is General Agreement on Tariffs and Trade.
Important Questions from Miscellaneous
A stone is thrown horizontally from the top of a 20 m high building with a speed of 12 m/s. It hits the ground at a distance R from the building. Taking g = 10 m/s2 and neglecting air resistance will give :
A mass is attached to a spring that hangs vertically. The extension produced in the spring is 6 cm on Earth. The acceleration due to gravity on the surface of the Moon is one-sixth of its value on the surface of the Earth. The extension of the spring on the Moon would be:
Directions: Each item in this section consists of a sentence with an underlined word followed by four words (a), (b), (c), and (d). Select the option that is opposite in meaning to the underlined word and mark your response in your Answer Sheet accordingly.
The deluge affected the population.The major source of vitamins and minerals for vegetarians is
Which of the following statements about the Deccan Riots Commission is/are correct?
1. The Commission did not hold enquiries in the districts which were not affected.
2. The Commission did record the statements of ryots, sahukars and eye-witnesses.
Select the correct answer using the code given below:
