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MPSC State Service 2020 · GS · Question 47 of 97

Consider the following statements with reference to GATT agreement (General Agreement on Trade and Tariffs). a. GATT was established in 1948. b. Initially, the total number of members of GATT was 23 countries. c. In a way WTO is the successor of GATT. d. GATT administers all bilateral and multilateral Trade agreements. Which of the above statement/s is/are correct?

Economy

  1. Aa and d
  2. Ba, b and d
  3. Ca, b and cCorrect
  4. DAll of the above

Answer: C. a, b and c

Explanation

GATT was established in 1948 with 23 founding members and the WTO succeeded it; it administered multilateral, not all bilateral, trade agreements: a, b and c.

Source: MPSC Rajyaseva Prelims 2020 – GS Paper I (Set D), official paper

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