2. The General Agreement on Tariff and Trade(GATT)
was a multilateral treaty.
This was signed on 30oct,1947 and came into
force from January 1 ,1948.
It was signed by 96 govt, known as “contracting
parties.
It was neither as organization nor a court of justice.
It was a decision making body with a code of rules.
In 1995 the GATT was absorbed into the World
Trade Organization (WTO).
3. To provide equal opportunities to all
countries in terms of trade in international
market.
Increase effective demand for real income
growth goods.
Minimize tariffs and other restrictions on
trade.
Ensure better living standard .
To strengthen and clarify rules for
agricultural trade.
4.
5.
6. The WTO is the only global international
organization dealing with the rules of trade
between nations.
WTO came into existence on January 1st ,
1995 replacing GATT(General Agreement on
Trade and Tariff).
It consists of 81 countries and territories –
cover 90% of international trade in goods and
services.
Currently WTO has 144 countries.
