Evolution of Global Trade Agreements

The General Agreement on Tariffs and Trade (GATT) was established in 1948 as a provisional framework to promote

international trade by reducing tariffs and trade barriers after the disruption of World War 2.

It's purpose was to create a rules based system for trade, prevent the protectionist

policies that deepend the Great Depression and provide a platform for negotiations on trade liberalisation.

The World Trade Organization (WTO) which replaced the GATT in 1995 was founded to strengthen

and formalise the multilateral trading system. It expanded the scope of trade rules

beyond goods to include services and intellectual property, provide a permanent

institutional framework and create a more effective dispute settlement mechanism. The WTO overreaching