General Agreement on Tariffs and Trade

The General Agreement on Tariffs and Trade (GATT) is a treaty established in 1947 to promote international trade by reducing barriers, such as tariffs and import quotas. It aims to foster fair competition and economic cooperation among nations. Countries that are part of GATT commit to treating each other fairly in trade and negotiating to lower tariffs. The agreement laid the groundwork for the World Trade Organization (WTO) in 1995, which expanded its goals and structure, further facilitating global trade and addressing trade disputes among member countries.