Question

Who is the main promoter of trade liberalization was?

Answer 1

The main promoter trade liberalization is GATT.

GATT is General Agreement on Tariffs and Trade. It worked to promote trade among countries by reducing tariffs and quotas. However, due to problems in some sectors such as agriculture, the GATT suffered suffered huge setback and ultimately WTO, or World trade Organization was introduced.

Answer 2

The ‘General Agreement on Tariffs and Trade’ (GATT) is the main promoter of trade liberalization.

Explanation:

• The process of trade liberalization is needed by countries to conduct trading with each other.  

• Trade liberalization is used for removing or reducing the restrictions or barriers for conducting a ‘free exchange of goods’ and trade between various nations.  

• The barriers are in the form of duties, surcharges, tariffs and many other restrictions like quotas, licensing and others.  

• When the restrictions on capital transactions are removed then it becomes easy for the countries to exchange goods and services with each other.

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