GATT was established in 1948 with ______ countries as the global trade organisation to administer all multilateral trade agreements by providing equal opportunities to all countries in the international market for trading purposes.
Show answer & explanation
Correct answer: B
Explanation
The correct answer is option 2 i.e. 23.
GATT (General Agreement on Tariffs and Trade) was established in 1948 with 23 countries as the global trade organization to administer all multilateral trade agreements. Its primary objective was to provide equal trading opportunities to all member countries, promoting fair competition and reducing trade barriers. GATT aimed to foster international trade by ensuring that countries adhered to agreed-upon trade rules, thereby facilitating a more open and equitable global market. In 1995, GATT was succeeded by the World Trade Organization (WTO).