Which organization focuses on tariff agreements between countries?

Which organization focuses on tariff agreements between countries?

• A. World Bank
• B. General Agreement on Tariffs and Trade
• C. International Monetary Fund
• D. Group of Twenty

Answer: (B)

The correct choice is the General Agreement on Tariffs and Trade (GATT) because it was specifically created to promote international trade by reducing or eliminating trade barriers, such as tariffs among member countries. Established in 1947, GATT aimed to provide a framework for negotiating trade agreements and resolving disputes related to tariffs and trade practices. Its primary objective was to facilitate smoother trade flows by decreasing tariffs to promote international economic cooperation. In contrast, the World Bank primarily focuses on providing financial and technical assistance for development projects aimed at reducing poverty and promoting economic development, rather than negotiating tariffs. The International Monetary Fund (IMF) deals with international monetary cooperation and financial stability and does not focus on tariffs. The Group of Twenty (G20) is an international forum for governments and central bank governors that discusses global economic issues, but it is not specifically focused on tariff agreements or trade treaties.

The correct choice is the General Agreement on Tariffs and Trade (GATT) because it was specifically created to promote international trade by reducing or eliminating trade barriers, such as tariffs among member countries. Established in 1947, GATT aimed to provide a framework for negotiating trade agreements and resolving disputes related to tariffs and trade practices. Its primary objective was to facilitate smoother trade flows by decreasing tariffs to promote international economic cooperation.

In contrast, the World Bank primarily focuses on providing financial and technical assistance for development projects aimed at reducing poverty and promoting economic development, rather than negotiating tariffs. The International Monetary Fund (IMF) deals with international monetary cooperation and financial stability and does not focus on tariffs. The Group of Twenty (G20) is an international forum for governments and central bank governors that discusses global economic issues, but it is not specifically focused on tariff agreements or trade treaties.