General Agreement On Tariffs And Trade
A agreement between countries, to promote international trade
Real World Example
The General Agreement on Tariffs and Trade (GATT) was an international treaty established to promote global trade by reducing tariffs and other trade barriers. During the period from 1992 to 2015, GATT evolved into the World Trade Organization (WTO), which continued to address issues like trade disputes and unfair practices, aiming to create a more open and fair trading system. This was important because it responded to the need for economic cooperation and stability among countries after the disruptions of previous decades. Today, GATT's legacy affects everyday life by influencing the price and availability of goods, such as smartphones and clothing, which are often imported from other countries. For instance, if tariffs were high, the cost of these imported goods would increase, making them more expensive for consumers like you and your family.
