The General Agreement on Tariffs and Trade (GATT) is an international agreement regulating the rules of trade between nations. It was created in 1947 to assist with the post-WWII economic recovery by reducing tariffs and other barriers to free trade. GATT sets up a framework for lower tariffs, reduced trade costs, improved market access, and negotiated settlement of disputes among its member countries. Over time it has evolved into a system that has helped foster global economic growth and development by promoting open markets worldwide (Roy & Wolfowitz, 2020).
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