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Which International Organisation Replaced General Agreement On Trade And Tariffs (Gatt) 1 Point

The IMF is committed to promoting global growth and economic stability. It advises and finances members in economic difficulty and also works with developing countries to help them achieve macroeconomic stability and reduce poverty. This is because private international capital markets operate imperfectly and that many countries have limited access to financial markets. Such market inadequacies and balance-of-payments financing justify official financing, without which many countries could only correct large external payment imbalances through measures that negatively impact domestic and international economic prosperity. The IMF may provide other sources of financing to countries in difficulty that would not be available in the absence of an economic stabilization programme supported by the Fund. In May 1963, ministers agreed on three negotiating objectives: the General Agreement on Tariffs and Trade (GATT), signed on 30 October 1947 by 23 countries, constituted a legal agreement to minimize barriers to international trade by removing or reducing quotas, tariffs and subsidies, while maintaining important rules. The GATT is expected to stimulate economic recovery after the Second World War by restoring and liberalizing world trade. The working hypothesis for collective bargaining was a linear reduction of 50% in tariffs, with the smallest number of exceptions. A long-term argument has developed about the trade effects of a uniform linear reduction on the dispersed rates (low tariffs and high rates quite far away) of the United States compared to the much more concentrated rates of the EEC, which also tended to be under the ownership of U.S. tariffs. NAFTA is an agreement signed by Canada, Mexico and the United States that creates a trilateral trade bloc in North America. The General Agreement on Tariffs and Trade (GATT) was the first multilateral free trade agreement. It first came into force in 1948 as an agreement between 23 countries and remained in force until 1995, when it joined 128 countries.