Role of GATT in international business

Abstract

General Agreement on Tariff and Trade (GATT) was established in 1947, which aims to initiate the International trade, by removing trade tariffs and liberalizing policies. It is a multilateral trade agreement between the various nations of the world, who are regulating International trade. The main objective is to remove tariff barriers and abolishment of other trade related barriers. Here we will discuss about functions of GATT, its role in International Business and the reasons due to which GATT was replaced by WTO.