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The General Agreement on Tariffs and Trade (GATT), the foundation of the World Trade Organization (WTO), is founded.
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General Agreement on Tariffs and Trade
1947–95 multilateral trade agreement; predecessor to WTO
The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the…Source: Wikipedia (CC BY-SA)
World Trade Organization
Intergovernmental trade organization
The World Trade Organization (WTO) is an intergovernmental organization that regulates and facilitates international trade. Established on 1 January 1995, pursuant to the 1994 Marrakesh Agreement, it succeeded the General Agreement on Tariffs and Trade (GATT), which was created…Source: Wikipedia (CC BY-SA)