What is the General Agreement on Tariffs and Trade (GATT)?
The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement aimed at promoting international trade by reducing or eliminating trade barriers such as tariffs and quotas. It was established in 1947 and later replaced by the World Trade Organization (WTO) in 1995. GATT played a critical role in the expansion of global trade and provided a framework for various rounds of negotiations aimed at trade liberalization.