The Group of 77 (G77) and GATT are related to each other, but different in one respect. Which is it?
A) The G77 was formed under pressure from Third World countries.
B) The GATT adjusted for the uneven effects of colonialism in trade negotiations.
C) The G77 demanded flexible commodity market prices.
D) The GATT focuses only on First World markets.

Question

Quizplus · Accepted Answer

The G77 was formed in 1964 by Third World countries seeking to promote their economic interests and increase their bargaining power in international forums, while the General Agreement on Tariffs and Trade (GATT) was established in 1947 to reduce tariffs and other barriers to trade between nations. While the GATT did address issues of inequality in trade negotiations, it did not specifically focus on the needs of Third World countries as the G77 did.

The Group of 77 (G77) and GATT Are Related to Each