GATT vs. WTO

GATT vs. WTO
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Brief introduction
* What is GATT
The General Agreement on Tariffs and Trade (GATT) refers to the free trade agreement among 23 countries, which took effect from 1948 to 1998. It aimed at governing international trade by abolishing tariffs, increasing international trade, and removing quotas among each country.
* Who is WTO
The World Trade Organization (WTO) is an international organization created in 1995, replacing the GATT. It was established with the mandate of supervising and easing up world trade through trade rules. With a membership of 164countries, the treaty has brought significant changes to international trade.
* What are their objectives
GATT was created to encourage the permanent employment of all workers and a progressive increase in their income. It aimed to improve the production and exchange of goods in the world and promote the full utilization of resources. Also, it was to ensure the living standards of people in the member countries improved progressively. On the other hand, WTO had six objectives that included; establishing and enforcing international trade rules and offering a forum for negotiating and monitoring trade liberalization further. It was to solve trade disputes among members, enhance the transparency of decision-making and work together with other international economic institutions. It was also to help developing countries reap maximum benefits from the global trading system.
* Relationship between the two
GATT and WTO are two entities that differed in several ways. GATT was a provisional ad-hoc organization ...