Gatt Was a Trade Agreement That Preceded Which International Trade Agreement

GATT was a Trade Agreement that Preceded Which International Trade Agreement?

The General Agreement on Tariffs and Trade, or GATT, was a trade agreement that was established in 1947 in order to promote international trade and reduce barriers to trade between countries. GATT was in operation until 1995, when it was replaced by the World Trade Organization (WTO).

The primary objective of GATT was to reduce tariffs on goods and services between its member countries. This was to be achieved through negotiations between governments, with the goal of reducing tariffs and other barriers to trade. GATT was successful in achieving this objective, with its member countries seeing a significant reduction in tariffs and an increase in the overall volume of trade.

GATT was also instrumental in the creation of the World Trade Organization. The WTO was established in 1995 as an international organization that is dedicated to promoting free trade and economic development. The organization oversees a variety of trade agreements between its member countries, and works to ensure that its members adhere to the rules and regulations of these agreements.

So, to answer the question, GATT was the trade agreement that preceded the World Trade Organization (WTO). While GATT was successful in promoting free trade and reducing barriers to trade, the WTO has an expanded mandate and is responsible for overseeing a wide range of trade agreements, as well as dealing with issues related to intellectual property, trade disputes, and the environment.

In conclusion, GATT played an important role in the development of international trade over the past several decades. While it was successful in achieving its primary objective of reducing tariffs and promoting free trade, it was eventually replaced by the World Trade Organization, which has a broader mandate and is responsible for overseeing a wide range of trade agreements and related issues. Understanding the history and evolution of trade agreements like GATT and the WTO is important for anyone interested in international trade and economic development.