WTO

Major Difference Between GATT and WTO

The General Tariff and Trade Agreement (GATT) was signed in 1947 to facilitate foreign trade, liberalize policies and abolish tariffs. GATT is a multilateral agreement that regulates international trade between several nations of the world. The key goal is to substantially reduce tariffs and eliminate certain trade barriers. In 1995, however, the GATT was replaced …

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WTO – World Trade Organization

The WTO or World Trade Organization is a body comprises of governments controlling international trade among nations. WTO began its operation on 1st January 1995 under the Marrakech Agreement, which was signed on 15 April 1994 by 123 nations, to replace the General Tariff and Trade Agreement (GATT). It is the world’s biggest multinational business …

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