General Agreement on Tariffs and Trade (GATT)

The General Agreement on Tariffs and Trade (GATT) was a multilateral treaty established in 1947 to promote international trade by reducing tariffs and other trade barriers. It aimed to create a fair and open trading system among countries, fostering economic growth and cooperation. GATT set rules for trade negotiations and helped resolve disputes. It evolved into the World Trade Organization (WTO) in 1995, which expanded its scope to include services and intellectual property, continuing the mission of promoting free and fair trade globally.