General Agreement on Tariff and Trade was an agreement signed by 96 countries with an objective to promote international trade by reducing or eliminating trade’barriers. This agreement was signed on 30th October 1947, and was implemented on 1st January 1948. It was a multilateral international treaty that covered almost 80% of the world trade. The GATT was dissolved on 1st January 1985 and it was merged into World Trade Organisation (WTO). GATT was a permanent international organisation which had its headquarters at Geneva (Switzerland).
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World Trade Organisation: GATT was dissolved on January 1, 1985, and in its place, an international organisation named World Trade Organisation began to work. WTO is an international work plan to promote liberalisation, globalisation and privitisation, whose all members follow the trade-related laws directed to countries. By December 19, 2015, about 164 countries became members of WTO, in which India is also included. Both developed and developing countries of the. world are included in it The major part of global trade is carried out between these countries.
