Which organization did GATT eventually become?

Which organization did GATT eventually become?

• A. World Trade Organization
• B. World Bank
• C. International Monetary Fund
• D. United Nations

Answer: (A)

GATT started as a set of rules to lower tariffs and promote free trade after World War II. It wasn’t a single permanent agency, but a framework for ongoing negotiations and tariff concessions. In 1995, those rules and negotiations were brought under a formal international organization—the World Trade Organization—giving global trade a dedicated body with legal status and a broader remit that includes goods, services, and intellectual property. The GATT framework lives on as part of WTO agreements, but the WTO is the organization that replaced GATT as the main institution for global trade rules. It isn’t the World Bank or IMF, which focus on development financing and monetary matters, nor the United Nations, which is a broader political body. So, GATT eventually became the World Trade Organization.

GATT started as a set of rules to lower tariffs and promote free trade after World War II. It wasn’t a single permanent agency, but a framework for ongoing negotiations and tariff concessions. In 1995, those rules and negotiations were brought under a formal international organization—the World Trade Organization—giving global trade a dedicated body with legal status and a broader remit that includes goods, services, and intellectual property. The GATT framework lives on as part of WTO agreements, but the WTO is the organization that replaced GATT as the main institution for global trade rules. It isn’t the World Bank or IMF, which focus on development financing and monetary matters, nor the United Nations, which is a broader political body. So, GATT eventually became the World Trade Organization.