The General Agreement on Tariffs and Trade (GATT) was created in 1947 with the goal of promoting international trade by lowering tariffs and other trade barriers. The main objective of GATT is to facilitate the expansion of international trade, promote economic growth and development, and create a more stable and predictable trading system.
One of the key principles of GATT is the principle of non-discrimination. This means that member countries should not give preferential treatment to any other member country. All member countries should be treated equally in terms of trade, without any discrimination based on their national origin.
Another important objective of GATT is to promote fair competition. The agreement requires member countries to avoid using unfair trade practices such as subsidies, dumping, and discriminatory practices that distort trade. GATT aims to create a level playing field for all member countries and promote fair competition in the global marketplace.
GATT also encourages the liberalization of trade. This means that member countries should reduce their trade barriers, such as tariffs and quotas, to allow for freer trade between countries. The liberalization of trade allows for increased competition, which can lead to more efficient production and better use of resources.
Finally, GATT aims to encourage economic growth and development. By promoting international trade and reducing trade barriers, member countries can access a wider range of products, services, and technologies. This can lead to increased innovation, productivity, and economic growth for all member countries.
In conclusion, the main objective of GATT is to promote international trade through the reduction of trade barriers, promote fair competition, encourage liberalization of trade, and promote economic growth and development. The agreement has been successful in achieving these objectives and has played an important role in the growth of international trade over the past several decades.