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The General Agreement on Tariffs and Trade (GATT) was established in 1947 with the aim of promoting international trade and reducing barriers to free trade. It was a multilateral treaty signed by 23 countries with the goal of promoting global economic growth and development. The GATT was the first multilateral agreement to support free trade and became the basis for the World Trade Organization (WTO).

The main purpose of the GATT was to reduce tariffs on goods traded between countries. Tariffs are taxes or fees imposed on imports and exports, which can increase the cost of goods and reduce demand. By reducing tariffs, the GATT aimed to make trade more efficient, cheaper, and to promote international cooperation.

Over the years, several rounds of negotiations were held under the GATT to reduce tariffs and trade barriers further. The most significant of these negotiations were the Kennedy Round in 1967 and the Uruguay Round from 1986 to 1994. The Uruguay Round resulted in the creation of the WTO, which replaced the GATT and became the primary international organization governing international trade.

The GATT promoted the principles of non-discrimination and most-favored-nation status. Non-discrimination means that countries cannot discriminate against foreign goods or service providers or offer preferential treatment to domestic companies. The most-favored-nation status means that countries must treat all trading partners equally, which ensures that no country is favored over another.

The GATT was successful in achieving its objective of reducing tariffs on a wide range of goods and services, but it faced criticism over the years for being too focused on developed countries’ interests. The lack of representation for developing nations in the GATT was a significant point of contention.

In conclusion, the General Agreement on Tariffs and Trade is an important agreement that helped promote international trade and reduce barriers to free trade. It was the first multilateral agreement of its kind and laid the foundation for future trade agreements. Despite some criticism, the GATT succeeded in achieving its goals and remains a vital part of international trade history.