GAAT vs WTO

GAAT WTO
1. The General Agreement on Tariffs and 1. WTO is an international organization has
Trade (GATT) is a multilateral agreement between emerged as a world’s most powerful institutions
many countries, whose overall purpose was to for reducing trade related barriers between the
promote international trade by reducing or countries and opening new markets.
eliminating trade barriers such as tariffs or quotas.
2. WTO was established in 1995
2. The agreement was signed in 1947 3. WTO is a permanent institution along with a
3. GATT is a simple agreement, there is no secretariat.
institutional existence 4. The participating nations of WTO are called as
4. The participating nations are called as contracting member nations.
parties in GATT 5. WTO whose rules are applicable to goods,
5. the rules of GATT are applied only trade is made services along with aspects of intellectual
in goods. property.
6. GATT commitments are provisional in nature 6. WTO commitments are permanent
7. Settlements of disputes between the member
countries through the established rules and
regulations.