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Explain the effect of the GATT on international trade.

Explain the effect of the GATT on international trade.
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General agreement on tariffs and trade is a multilateral set of trade agreements aimed to abolish quotas and restrict tariffs among the member nations. It promotes trade liberalization in the world. This opened gates for trade among the nations without any discrimination. The other trade barriers were reduced. It had set several basic principles to to stipulate international business like giving the status of most favoured nation by a country, non discriminatory administration of quantitative restrictions and elimination of quantitative restrictions, anti dumping rule.

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