The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement signed in 1947 with the aim of reducing trade barriers among member countries. It was the first international agreement to address the regulation of international trade, and it laid the foundation for the World Trade Organization (WTO), which succeeded it in 1995.
The creation of the GATT was an important milestone in the history of international trade. It was signed by 23 countries, including the United States, Japan, and the United Kingdom, and was designed to ensure fair trade practices and promote economic growth by lowering tariffs and other trade barriers.
To implement the GATT agreement, the Contracting Parties (the signatories to the GATT) created a new organization called the „GATT Secretariat“. The GATT Secretariat was responsible for administering and implementing the provisions of the GATT agreement, as well as resolving disputes that arose between member countries.
The GATT Secretariat was based in Geneva, Switzerland, and was staffed by a team of experts in international trade. Its main functions included providing technical assistance to member countries, collecting and disseminating information on international trade, and organizing negotiations between member countries to further reduce trade barriers.
Over time, the GATT agreement evolved and was amended to reflect changes in the global economy. In 1986, the Uruguay Round of negotiations began, which led to the creation of the World Trade Organization (WTO) in 1995. The WTO is now responsible for the administration and implementation of the GATT agreement among its member countries.
In conclusion, the GATT agreement was a seminal agreement in the history of international trade, and it paved the way for the creation of the World Trade Organization. The GATT Secretariat was the organization created to implement the provisions of the GATT agreement, and it played a significant role in promoting fair trade practices and economic growth among member countries.