Question

Which of the following was not one of the principles on which the General Agreement on Tariffs and Trade (GATT) was established?
a. The elimination of important quotas.
b. Equal, nondiscriminatory trade treatment for all member nations.
c. The formation of international trade contracts to alleviate global proverty.
d. The reduction of tariffs by multilateral negotiations.

Answer 1

Answer: Option (C) is correct.

Explanation:

Important principle on which GATT was based was trade without discrimination, in which member nation tend to open their markets equally to each other. Therefore this meant that, if a nation and its trading nation had come to conclusion to reduce tariff, this was automatically expanded to every member.  Another principle is in regards with protection via tariffs instead through import quotas or other trade restrictions.