General Agreement on Tarrifs and Trade - GATT

GATT, or the General Agreement on Tariffs and Trade was a treaty, and not an organization. It was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO).

The GATT's main objective was the reduction of barriers to international trade, to be achieved through the reduction of tariff barriers, restrictions and subsidies on trade through a series of agreements. The history of the GATT includes three phases. During the last phase in early 1990s, the World Trade Organization was established, and took over the functions of the GATT.