Problem 49

Introduction

The General Agreement on Tariffs and Traders (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. The main role of GATT was to regulating the contracting parties to achieve the purpose of the agreement which were reducing tariffs and other barriers. Whereas, the world trade agreement (WTO) is an intergovernmental organization that regulates and facilitates international trade between nations. Its role is to ensure that trade flows as smoothly, predictably and freely as possible.