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  1. Which of the following is the right expansion of GATT?
    1. Government Agreement on Trade and Tax
    2. General Agreement on Trade and Tariffs
    3. Government Agreement on Trade and Tariffs
    4. General Agreement on Trade and Tax
    5. None of these
Correct Option: E

GATT stands for General Agreement on Tariffs and Trade. Formed by 23 countries at Geneva in 1947, it comprised a set of multilateral trade agreements aimed at the abolition of quotas and the reduction of tariff duties among the contracting nations. GATT was replaced by the World Trade Organization (WTO) in 1995. Best Option: (2) General Agreement on Trade and Tariffs


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