GATT (General Agreement on Tariffs and Trade)

The General Agreement on Tariffs and Trade (GATT) is an international treaty established in 1947 aimed at promoting free trade by reducing barriers like tariffs and quotas on goods between countries. Its goal is to encourage economic cooperation and growth by making it easier for nations to sell products to each other. Over time, GATT evolved into the World Trade Organization (WTO), which now handles trade rules and disputes on a global scale. GATT laid the foundation for modern international trade agreements and helped to create a more open and interconnected global economy.