Question

As an outcome of the Uruguay Round of intergovernmental tariff negotiations on the GATT platform, the first multilateral, legally enforceable agreement covering trade and investment in the services sector was formulated, termed the _____.

A. General Agreement on Tariffs and Trade (GATT)
B. Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS)
C. General Agreement on Trade in Services (GATS)
D. Agreement on Agriculture (AoA)

Answer 1

The first multilateral, legally enforceable agreement covering trade and investment in the services sector established during the Uruguay Round of the GATT negotiations is known as the General Agreement on Trade in Services (GATS).

Step-by-step explanation:

As an outcome of the Uruguay Round of intergovernmental tariff negotiations on the General Agreement on Tariffs and Trade (GATT) platform, the first multilateral, legally enforceable agreement covering trade and investment in the services sector was formulated, termed the General Agreement on Trade in Services (GATS).

The GATT was originally created in 1947 and involved twenty-three countries with the goal of reducing tariffs and other trade barriers. Over the years, it underwent several rounds of negotiations, with the Uruguay Round leading to the establishment of the World Trade Organization (WTO) in 1995. This was a monumental step in global trade, broadening the scope of trade agreements to include not just goods, but also services and intellectual property.As an outcome of the Uruguay Round of intergovernmental tariff negotiations on the General Agreement on Tariffs and Trade (GATT) platform, the first multilateral, legally enforceable agreement covering trade and investment in the services sector was formulated, termed the General Agreement on Trade in Services (GATS).

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