What is GATT General Agreement

The General Agreement on Trade and Tariffs, it is an international trade treaty designed to promote the economic recovery of a member nation after World War II. It was signed by 23 countries in 1947 and was amended in 1994 to include more countries. The World Trade Organization was formed by GATT, which took over its responsibility.

WTO replacement of GATT

Tariff means import-export tax

it was an agreement, not an organization, in the early period it had 23 member countries, and India has been an early member of it

To solve trade problems and bring transparency in trade, member countries signed an agreement which we know as GATT, later this agreement was given the form of organization, which we know as WTO

it is a multilateral agreement that regulates international trade. The agreement was first signed in 1947 and has since been amended several times.it is currently the cornerstone of the World Trade Organization (WTO), which was established in 1995.

The main objective of GATT is to reduce tariffs and other trade barriers between the participating countries. The agreement sets out rules for the conduct of international trade, including the provision of tariffs, subsidies, and other trade-distorting measures. it also establishes a dispute-settlement system to resolve trade disputes among its members.

The WTO continues to operate under its principles of it, but with a more comprehensive and binding set of rules. Membership of the WTO includes all major trading nations, and its decisions are made by consensus.

How it was created

In 1948, after World War II ended, representatives from around the world met in Geneva to discuss ways to reduce tariffs and promote free trade. They did not want a repeat of the 1930s when high tariffs contributed to the Great Depression.

The negotiations resulted in it Tariffs and Trade, which entered into force on 1 January 1948. Its main goals of it were to reduce tariffs and other trade barriers and to set rules for international commerce

Over the years, it has been revised and updated several times. In 1994, it was replaced by the World Trade Organization (WTO), which continues to work towards the goal of free and fair trade.

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