The General Agreement on Tariffs and Trade (GATT)

The General Agreement on Tariffs and Trade (GATT) was a treaty established in 1947 to promote international trade by reducing trade barriers like tariffs and quotas. Its main goal was to encourage countries to engage in free trade to boost economic cooperation and growth. GATT provided a framework for negotiating trade agreements and resolving disputes between countries. Over time, it evolved into the World Trade Organization (WTO), which continues these efforts for trade liberalization and regulation. GATT helped shape modern trade practices, making it easier for countries to exchange goods and services globally.