The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement aimed at promoting international trade by reducing tariffs and other trade barriers. Established in 1947, GATT was negotiated by 23 countries and played a significant role in shaping global trade policies in the post-World War II era. Its primary purpose was to encourage economic cooperation and reduce trade restrictions among member countries.
The GATT aimed to provide a framework for trade negotiations and dispute resolution, creating a set of rules that member countries agreed to follow. It focused on reducing tariffs, subsidies, and import quotas, as well as promoting non-discriminatory trade practices. This helped to foster a more open and competitive global market.
In 1995, GATT was replaced by the World Trade Organization (WTO), which expanded upon GATT’s principles and created a more comprehensive system for governing international trade. The WTO continues to administer global trade agreements and resolve trade disputes among member countries.
While GATT’s provisions are no longer in effect, its legacy persists in the framework of global trade, which is shaped by the WTO’s rules and agreements.
