Q. In context with GATT consider the following statements:
It was an ad-hoc body
It involved generally a bilateral agreements
The decisions taken at GATT were generally mandatory
Which among the above statements is / are correct?
Answer: 1 & 2
Notes: GATT was ad-hoc and provisional and not really an organization. Instead, the WTO is a permanent body. GATT was mainly bilateral where as WTO is multilateral. There was provision of veto in GATT where as there is no provision of veto in WTO and decision of veto in WTO and decision is taken on the basis of majority. The decisions were voluntary in nature in case of GATT where as they are compulsory and mandatory in the case of WTO and if adopted sanctions could be imposed
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