What was the principal difference between the GATT and the WTO that replaced it?

The GATT covered only agricultureCorrect answerYour answerThe GATT was an agreement, not an organisation with a permanent legal standingCorrect answerYour answerThe GATT had no dispute settlement of any kindCorrect answerYour answerThe GATT excluded developing countriesCorrect answerYour answer

Show the answer and explanation

CorrectNot quiteAnswer B

Correct answer: B

The General Agreement on Tariffs and Trade was exactly that: an agreement, applied provisionally from 1948 and administered by a small secretariat.
The WTO is an organisation, with a permanent structure, a wider remit covering services and intellectual property, and a binding dispute settlement system.
The GATT itself was not abolished; it survives as one of the agreements the WTO administers.

Worth noting

The last step is the part most often got wrong. The WTO did not repeal the GATT — it absorbed it, which is why the name still appears in trade law.

Concept: Why the GATT was not an organisation
Typical timeTypical: 50 s
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The rule this testsBretton Woods and world trade

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What was the principal difference between the GATT and the WTO that replaced it?

Explanation