Answer / Tularam Saini

The General Agreement on Tariffs and Trade (GATT) is an international treaty aimed at promoting free trade among member countries. Established in 1948, GATT was the precursor to the World Trade Organization (WTO). Its main objective was to reduce tariffs, eliminate quotas, and minimize trade barriers between nations.
Under GATT, members agreed to negotiate tariff reductions in a series of rounds, known as "GATT rounds." The Uruguay Round, held from 1986 to 1994, led to the creation of the WTO and several new agreements addressing areas such as intellectual property rights, services trade, and trade-related aspects of investment.
GATT also includes principles governing fair trade practices, such as the Most-Favored-Nation (MFN) clause, which requires member countries to extend the same favorable tariff treatment to all other members, and national treatment, which stipulates that foreign products should not be discriminated against compared to domestic ones.

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