GATT was a multilateral treaty signed in 1947 aimed at promoting international trade by reducing or eliminating trade barriers like tariffs and quotas.
Purpose: To provide a fair and stable trade environment where member countries followed the Most-Favored-Nation (MFN) principle (treating all trade partners equally).
Evolution: GATT operated through various "Rounds" of negotiations. The Uruguay Round (1986–1994) was the most significant, as it led to the creation of the World Trade Organization (WTO) on January 1, 1995, which officially replaced GATT.
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