GATT

GATT, or the General Agreement on Tariffs and Trade, is an international treaty established in 1947 to promote free trade among countries. It sets rules for how nations should handle tariffs (taxes on imports), trade barriers, and practices to ensure fair competition. GATT encourages countries to reduce tariffs and other restrictions gradually, making it easier and cheaper to buy and sell goods across borders. Its goal is to boost economic growth, create more choices for consumers, and foster cooperation between countries to avoid trade disputes. GATT laid the groundwork for the World Trade Organization (WTO), which now oversees global trade rules.