International Business

Id:
Rashik Hafiz (EV193071037)
Rakesh Mohazon (EV193071007)
 What is Gatt
• The General Agreement on Tariffs and Trade (GATT) is a legal
agreement between many countries, whose overall purpose
was to promote international trade by reducing or eliminating
trade barriers such as tariffs, government policies and
subsidies.
• It was a treaty, not an organization.
 History of Gatt
• It was signed by 23 nations in Geneva on 30 October 1947,
and took effect on 1 January 1948 to regulate world trade.
• Gatt had 8 rounds.
• Transformed to World Trade Organization (WTO) in 1995.
 GATT's main objective

• To boost economic recovery after the Second World War.

• Reduction of barriers to international trade .
• Achieved through reduction of tariff barriers, quantitative
restrictions and subsidies on trade through a series of
agreements.
• Ensuring full employment and large and steady growing
volume of real income and effective demand.
• Developing full use of resources of the world.
• Expansion of production and international trade.