What are GATT and WTO?
The General Agreement on Tariffs and Trade (GATT), set up after World War II, aimed at bringing down tariff levels for member countries. It made a lot of progress in reducing tariffs through various “rounds” of discussions. Between 1986 and 1994, the “Uruguay round” negotiated further trade talks and on January 1, 1995, the WTO was created. The goal of the WTO is to reduce trade barriers among its 149 member countries. It is an example of a multilateral trade agreement.
