Certification in Supplier Diversity Practice Exam

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What was the main goal of GATT?

To establish economic policies in the U.S.
To reduce barriers to international trade
To regulate small business growth in America
To prevent corruption in international business

The correct answer is: To reduce barriers to international trade

The main goal of the General Agreement on Tariffs and Trade (GATT) was to reduce barriers to international trade. Established in 1947, GATT aimed to promote international commerce by lowering customs tariffs and other trade restrictions between member countries. The fundamental belief behind GATT was that reducing these barriers would facilitate increased trade flows, thus contributing to economic growth for all participant nations. Over time, this agreement laid the groundwork for more comprehensive trade negotiations and the eventual formation of the World Trade Organization (WTO), which expanded the scope of global trade regulations beyond tariffs to include services and intellectual property as well. The focus on tariff reduction and trade facilitation is integral to understanding how global economies interconnect and how countries collaborate to enhance trade, illustrating the importance of international economic cooperation.