Which organization lowers tariffs and promotes free trade, historically?

Which organization lowers tariffs and promotes free trade, historically?

• A. FEC
• B. GATT
• C. HDI
• D. GNP per capita

Answer: (B)

Historically, the effort to lower tariffs and promote free trade was led by the General Agreement on Tariffs and Trade. It established a framework of rules and negotiations aimed at reducing tariffs and ensuring nondiscriminatory treatment of trade partners through rounds of negotiation. This approach anchored global trade liberalization for decades and culminated in the World Trade Organization in 1995. The other terms refer to a domestic elections commission (FEC), a development index (HDI), and a measure of income per person (GNP per capita), none of which are organizations dedicated to trade liberalization.

Historically, the effort to lower tariffs and promote free trade was led by the General Agreement on Tariffs and Trade. It established a framework of rules and negotiations aimed at reducing tariffs and ensuring nondiscriminatory treatment of trade partners through rounds of negotiation. This approach anchored global trade liberalization for decades and culminated in the World Trade Organization in 1995. The other terms refer to a domestic elections commission (FEC), a development index (HDI), and a measure of income per person (GNP per capita), none of which are organizations dedicated to trade liberalization.