The General Agreement on Tariffs and Trade (GATT) was signed in 1947 as a multilateral agreement aimed at reducing and eliminating trade barriers between member countries. The agreement laid down rules for international trade and created a framework for negotiating trade agreements. With the creation of the World Trade Organization (WTO) in 1995, GATT became a part of the system of international trade agreements managed by the WTO.
Chegg, a popular education technology company, plays a role in the study of GATT and its impact on international trade. The company offers resources for students to learn about GATT and its principles, as well as resources for research and analysis on the topic.
GATT’s primary objective was to promote free trade and reduce trade barriers. It did so by setting rules for international trade, such as the “Most Favored Nation” principle, which required countries to treat all other member countries equally in terms of trade. Additionally, GATT provided a framework for negotiating trade agreements, allowing for the reduction of tariffs and other trade barriers.
The role of GATT in international trade has been a subject of debate, with some arguing that it has been successful in promoting free trade and reducing barriers, while others believe that it has not gone far enough in addressing trade imbalances and protecting the interests of developing countries.
One of the major criticisms of GATT and its successor, the WTO, has been the impact of free trade on domestic industries and workers. Critics argue that free trade can lead to job loss and the exploitation of workers in developing countries where labor standards are lower. However, supporters of free trade argue that it can lead to lower prices, increased competition, and economic growth.
Chegg offers resources for students to learn about these debates and the various perspectives on GATT’s role in promoting free trade. Through its downloadable study materials, Chegg provides a comprehensive understanding of the complex issues surrounding GATT and its impact on international trade.
In conclusion, the General Agreement on Tariffs and Trade (GATT) played a pivotal role in promoting free trade and reducing trade barriers between member countries. Although its impact has been the subject of debate, GATT set the framework for negotiating trade agreements and remains a significant factor in international trade today. Chegg’s resources provide valuable insights and analysis on the role of GATT in international trade, making it an essential tool for students and researchers alike.