Which of the following statements is true regarding GATT?
A. GATT attempted to liberalize trade restrictions in one go.
B. In its early years, GATT was unsuccessful and hence was superseded by the World Bank.
C. GATT regulations were mostly enforced by the EU nations rather than by a mutual monitoring mechanism.
D. Tariff reductions through negotiations were completed in three rounds.
E. The last round for tariff reduction, the Uruguay Round, was launched in 1986 and completed in December 1993.
Ans: E. The last round for tariff reduction, the Uruguay Round, was launched in 1986 and completed in December 1993.
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