Question: what are the three basic principles of the general agreement on tariffs and trade?
Answer: Most-Favored-Nation (MFN) Treatment: This is the fundamental principle of the GATT and it is not a coincidence that it appears in Article 1 of the GATT 1947. ...  Reciprocity: GATT advocates the principles of “rights” and “obligations”. ...  Transparency: ...  Tariff Binding and Reduction: