GATT was the result of the failure of the government to make the International Trade Organization (ITO). The Bretton Woods Conference was the first time to give an idea to create an organization to monitor and regulate trade after world war 2. But when ITO failed in 1950 then just a single agreement was left to regulate trade in the world. During the United Nations Conference on Trade and Employment, GATT was the first time examined. In Geneva on 30 October 1947, GATT was directed by 23 countries and further, it came into effect on 1 January 1948. But later on, it was replaced by WTO by the Uruguay Round Agreements which was held in 1994. Then WTO came into effect on 1 January 1995.
GATT was a free trade agreement that initiated to eliminate all the barriers like tariffs or quotas and expand international trade. It can enhance the production and exchange of goods between different countries. In other words, the aim of GATT was to minimizing quotas, tariffs, non-tariffs, subsidies, etc, and enhancing the economic situation after World War 2. The main purpose of GATT was also to make easier International trade through liberalizing and reconstructing global trade after World War 2.
But later on, GATT was replaced by the WTO in 1995 by the Uruguay Round Agreements. Now the WTO has 164 members. WTO is an International organization dealing with free trade between the member countries. WTO aims to make trade flow smoother and easier. The purpose of WTO was the settlement of disputes between the nations and manage the trade effectively so that there creates a better relationship with the different nations with regards to the global economy. The difference between GATT and WTO is that WTO is permanent whereas GATT is provisional.
Objectives of GATT
The standards of living of the people in the nations should be increased.
The resources of the world should be fully utilized.
GATT was not an organization; it was a treaty.
It encourages international trade.
It enhances the production of the goods.
There should be full employment in the economy.
It encourages free trade in the economy.
It decreases the barriers like tariffs, non-tariff, subsidies, quotas in the International trade.
It increases the effective demand and volume of real income in the economy.
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