GATT and WTO have played a vital role in world economy. Give reason. – InterviewSolution

InterviewSolution

1.	GATT and WTO have played a vital role in world economy. Give reason.
Answer» Both GATT and WTO aimed at increasing trade, encouraging businessman and government and bring them on common platform of foreign trade. They aimed at removing barriers to foreign trade and encourage free-trade and globalization. Under these objectives several countries including India signed numerous trade agreements with each other and traded enormously. All the‘sectors namely primary, manufacturing and service sectors made unprecedented progress due to these trade agreements. As a result, GATT and WTO both have played a vital role in world economy.

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