Question

GATT is established in 1947, under

Answer 1

GATT was first discussed during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to CREATE International Trade Organisation(ITO). GATT was signed by 23 nations in Geneva on October 30, 1947, and took effect on January 1, 1948. It remained in effect until the signature by 123 nations in Marrakesh on April 14, 1994, of the Uruguay Round Agreements, which established the  World Trade Organisation  (WTO) on January 1, 1995. The WTO is a successor to GATT, and the original GATT text (GATT 1947) is still in effect under the WTO framework, subject to the modifications of GATT 1994.

Answer 2

“General Agreement on Tariffs and Trade” was a legal agreement been signed by many countries which came to the agreement in 1947 under the leadership of the UNITED STATES.

Explanation:

The “General Agreement on Tariffs and Trade” was the agreement of legal cause to end or reduce the barriers of borders of neighbor countries for free trade with reduced tariffs or even abolishing some tariffs for the promotion of trade between agreed countries.