The General Agreement on Tariffs and Trade, or GATT, was a multilateral agreement that was signed in 1994. Its primary objective was to promote free trade among participating countries by reducing or eliminating tariffs and other trade barriers.

With the signing of the GATT in 1994, the world witnessed the largest reduction in trade barriers in history. The agreement established a set of rules and regulations that promoted fair and equitable trade between nations.

One of the key provisions of the GATT was the Most Favored Nation (MFN) principle. This principle requires that any privilege or benefit granted by one country to another must be extended to all other countries that are members of the GATT. This helped to prevent discrimination against smaller or less developed nations.

Another important aspect of the GATT was the reduction of tariffs. Tariffs are taxes that are imposed on imported goods, making them more expensive for consumers and businesses. The GATT sought to reduce tariffs in order to promote free and fair competition between countries.

In addition to reducing tariffs, the GATT also addressed non-tariff barriers to trade. These include things like import quotas, subsidies, and government regulations that restrict trade. By removing these barriers, the GATT helped to create a more open and competitive global marketplace.

The GATT was replaced by the World Trade Organization (WTO) in 1995. However, many of the principles and provisions established by the GATT continue to guide international trade today.

In conclusion, the General Agreement on Tariffs and Trade was a significant milestone in the history of international trade. It helped to promote free and fair competition between nations by reducing trade barriers and establishing a set of rules and regulations for all participating countries. While the GATT has been replaced by the WTO, its legacy and impact on global trade continue to be felt today.