Posts Tagged ‘GATT’

GATT vs WTODifference Between GATT and WTO

What is GATT?

The GATT is the General Agreement on Tariffs and Trade. It was created in 1948 with the aim of bolstering international trade by reducing trade barriers between countries through negotiations.

The GATT was established under the International Trade Organization (ITO) under the aegis of the UN. However, the ITO got sidelined as the US refused to ratify it. The last round of GATT was held in Uruguay in 1993.

The GATT started with 23 members, and was was instrumental in associating over one hundred more members till it got renamed WTO. Though there were rules in the GATT for resolution of disputes, it did not have enforcement power.

What is WTO?



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