The General Agreement on Tariffs and Trade (GATT) was signed on October 30, 1947, in Geneva, Switzerland.
The purpose of GATT was to promote international trade by reducing or eliminating trade barriers such as tariffs, quotas, and subsidies. It was also meant to provide a framework for negotiating trade agreements and resolving disputes between member countries.
GATT was originally signed by 23 countries, and over time, its membership grew to include more than 120 countries. In 1995, GATT was replaced by the World Trade Organization (WTO), which expanded upon GATT`s mission to promote free trade and facilitate global economic cooperation.
Overall, the agreement played a significant role in promoting international trade and reducing barriers to commerce. It helped to spur economic growth and development around the world, and its legacy continues to shape international trade policy today.
In conclusion, the General Agreement on Tariffs and Trade (GATT) was signed on October 30, 1947, and played a major role in promoting international trade and reducing barriers to commerce. It paved the way for the World Trade Organization (WTO) and its ongoing efforts to facilitate global economic cooperation.