Question

Paragraphs:Explain and discuss these organizations: GATT, IMF, WTO, World Bank?

Answer 1

GATT- The General Tariff and Trade Agreement (GATT) is a legal agreement between several countries whose ultimate goal was to facilitate foreign trade by reducing or removing barriers to trade such as tariffs or quotas. The General Agreement on Tariffs and Trade (GATT), signed by 23 countries on October 30, 1947, was a legal agreement that reduced barriers to foreign trade through the removal or reduction of quotas, tariffs and subsidies while maintaining essential laws. The GATT was intended to support post-World War II economic growth by restoring and liberalizing global commerce.

IMF- The International Monetary Fund ( IMF) is an international organization with the objective of promoting global economic growth and financial stability, promoting international trade and reducing poverty. The International Monetary Fund (IMF) is headquartered in Washington, D.C., and currently consists of 189 member countries, each of which has representation in relation to its financial value on the IMF's executive board, such that the most important countries in the global economy have the most voting power.

WTO- The World Trade Organization (WTO) was established in 1995 and is an international institution overseeing the rules of global trade between nations. It superseded the 1947 General Tariff and Trade Agreement (GATT) created in the aftermath of the Second World War. The WTO is built on agreements signed by most trading nations around the world. The organization 's principal role is to help goods and services manufacturers, exporters, and importers secure and control their companies. The WTO has 164 member countries as of 2019, the most recent members being Liberia and Afghanistan, having joined in July 2016, and 23 "observer" nations.

World Bank- The World Bank is an international agency committed to providing developed nations with support , guidance, and research to assist their economic development. The bank primarily functions as an agency that aims to counter poverty by providing middle- and low-income countries development assistance. The World Bank currently has two stated objectives which it aims to achieve by 2030. The first is to end extreme poverty by raising the number of people living on less than $1.90 a day to less than 3 percent of the world's population. The second is to improve economic wealth by growing income growth in every country in the world at the bottom of 40 percent.