Statement (d) is not correct. General Agreement on Tariffs andTrade (GATT) was a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the ‘substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis’. GATT was signed by 23 nations in Geneva on 30th October, 1947, and took effect on 1st January, 1948. It remained in effect until the signature by 123 nations in Marrakesh on 14th April, 1994 of the Uruguay Round Agreements, which established the World Trade Organization (WTO) on 1st January, 1995. The WTO is a successor to GATT. Under the WTO agreements, countries cannotnormally discriminate between their trading partners. When a country grants someone a special favour (such as a lower customs duty rate for one of their products), they have to do the same for all other WTO members.