General Agreement on Tariffs and Trade

General Agreement on Tariffs and Trade (GATT):  This trade agreement signed in the year 1948 among 95 nations was made with the primary purpose to promote world trade and provide a common platform to address problems with respect to same.
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It emphasizes on trade problems faced by developing countries and includes agreements on tariff reductions, subsidies, non – tariff measures among many others like elimination of trade barriers that would be mutually beneficial to to all. This trade agreement lasted till 1994-95 until the World Trade Organization was formed. At the time of its formation, 75 existing members of the GATT and European communities became its founding members.

While GATT was simply an agreement with its own rules and regulations, the World Trade Organization is an institutional body that has consistently expanded its scope and work. The arrangements at WTO are mainly multilateral settlements of GATT. Numerous nations have benefited from the formation of WTO in place of GATT.

Edited and Updated 15th February 2014

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