The General Agreement on Tariffs and Trade (GATT) was a multilateral treaty created in 1947 to regulate international trade. Its primary objective was to create a framework for the reduction of tariffs, customs duties, and other barriers to trade. The GATT was the predecessor to the World Trade Organization (WTO), which was established in 1995.

The GATT was created in response to the protectionist policies that emerged during the Great Depression of the 1930s. These policies resulted in a decrease in international trade and worsened the economic crisis. The GATT sought to prevent the reemergence of such policies by providing a forum for negotiations and establishing rules for international trade.

The GATT operated on a principle of non-discrimination. Its most favored nation (MFN) clause required that any concession granted to one country be extended to all other GATT member countries. The GATT also prohibited the use of quantitative restrictions, such as quotas, and required that any tariffs or other barriers to trade be applied uniformly.

The GATT was responsible for multiple rounds of negotiations that led to significant reductions in tariffs and other barriers to trade. The most notable of these was the Uruguay Round, which began in 1986 and concluded in 1994. The Uruguay Round resulted in the creation of the WTO and the establishment of new rules governing trade in services and intellectual property.

The GATT and its successor, the WTO, have been subject to criticism. Some argue that they have failed to address the concerns of developing countries and have instead enforced the interests of developed countries. Others argue that their emphasis on free trade has led to the exploitation of workers and the environment.

Despite these criticisms, the GATT and the WTO have played a crucial role in promoting international trade and reducing barriers to commerce. They have contributed to the growth of the global economy and have brought about increased cooperation among countries. While there is still much work to be done to address the challenges facing the international trading system, the GATT and the WTO remain important institutions for facilitating global trade.