Question

The term “Uruguay Round” is associated with an important world organization. Which one?

• A. UNDP
• B. GATT
• C. WTO
• D. World Bank

Answer 1

The Correct Option is B

The term "Uruguay Round" is associated with the General Agreement on Tariffs and Trade (GATT). This was a pivotal series of negotiations aimed at reforming international trade with a primary focus on reducing trade barriers across countries.

Here is a structured explanation:

1. Background: The Uruguay Round was initiated in September 1986 in Punta del Este, Uruguay.
2. Purpose: Its primary objective was to address issues related to tariffs, agriculture, textiles, and more, ultimately leading to a wider scope of trade liberalization.
3. Outcome: Concluded in 1994, the Uruguay Round extended the role and domain of GATT and led to the establishment of the World Trade Organization (WTO).

Thus, it is directly associated with GATT, making option GATT the correct answer.