GATT/WTO (General Agreement on Tariffs and Trade/World Trade Organization)

The General Agreement on Tariffs and Trade (GATT) was an international treaty established in 1947 to promote free trade by reducing tariffs and other barriers among member countries. It aimed to create fair trading rules and encourage cooperation. In 1995, GATT evolved into the World Trade Organization (WTO), which now oversees global trade rules, resolves disputes, and promotes open markets. The WTO helps ensure that countries trade fairly, facilitates negotiations, and adapts rules as the global economy evolves, making international trade more predictable and transparent for businesses and consumers worldwide.