General Agreement on Tariffs and Trade (Gatt) Is Focused in Trades and
The General Agreement on Tariffs and Trade (GATT) is an international agreement focused on ensuring free and fair trade between member nations. This agreement has played a significant role in shaping global trade policies and has contributed to the growth of international commerce.
First established in 1947, the GATT was designed to create a framework for global trade that would encourage economic growth and development. The agreement was based on the principles of non-discrimination, transparency, and predictability, which aimed to eliminate trade barriers among member nations.
The GATT focused on reducing tariffs and promoting fair trading practices among member countries. Tariffs are taxes that are imposed on imported goods, which can make these products more expensive and less competitive in the market. By reducing tariffs, member countries could increase the volume of trade, which would lead to economic growth and job creation.
The GATT also focused on promoting fair trading practices, such as the protection of intellectual property rights, the elimination of anti-dumping measures and the regulation of subsidies. These measures were designed to create a level playing field for all member countries, regardless of their economic development status.
Over the years, the GATT has evolved into the World Trade Organization (WTO), which has continued to promote free and fair trade among member nations. The WTO has taken on additional responsibilities, including the resolution of trade disputes and the promotion of trade liberalization in developing countries.
In conclusion, the GATT has been instrumental in shaping global trade policies and promoting economic growth. By focusing on reducing tariffs and promoting fair trading practices, member countries have been able to increase the volume of trade and create jobs. As the world continues to experience rapid globalization, the role of the WTO in promoting free and fair trade will become increasingly important.