The General Agreement on Tariffs and Trade (GATT) was created in 1947 with the aim of liberalizing trade globally, reducing tariff and non-tariff barriers, and promoting economic growth. The purpose of the GATT was to establish multilateral trade rules that would promote fair trade practices, reduce trade barriers, and stimulate economic development in signatory countries.
One of the primary objectives of the GATT was to facilitate the growth of international trade through the reduction, and eventually the elimination, of trade barriers. GATT sought to create a level playing field for all countries in international trade by reducing tariffs, removing quotas, and minimizing other trade barriers such as technical barriers to trade and customs procedures.
By reducing trade barriers, the GATT aimed to create new opportunities for businesses to expand into new markets, increase exports, and create more jobs. In addition, the GATT sought to promote fair trade practices by encouraging countries to adopt non-discriminatory trade policies and to respect the intellectual property rights of other countries.
Another key objective of the GATT was to provide a framework for resolving disputes between countries regarding international trade. GATT established a dispute settlement mechanism that allowed countries to resolve trade disputes through negotiation and mediation rather than through retaliatory actions, which could potentially escalate into a trade war.
Overall, the purpose of the GATT was to promote international trade and economic development by reducing trade barriers, establishing fair trade practices, and providing a framework for resolution of trade disputes. The GATT has since evolved into the World Trade Organization (WTO), which continues to promote free trade and economic growth through the negotiation and enforcement of international trade rules and agreements.