Multiple choice

Under new GATT agreements, textile trade related to Multi-Fibre Arrangement (MFA) has to be abolished within

  1. 5 years

  2. 10 years

  3. 15 years

  4. 20 years
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Under new GATT agreements, textile trade related to Multi-Fibre Arrangement (MFA) has to be abolished within 10 years. At the General Agreement on Tariffs and Trade (GATT) Uruguay Round, it was decided to bring the textile trade under the jurisdiction of the World Trade Organization. The Agreement on Textiles and Clothing provided for the gradual dismantling of the quotas that existed under the MFA. This process was completed on 1 January 2005. However, large tariffs remain in place on many textile products. 

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