Question

Write short note on GATT and WTO.

Answer 1

Whilst GATT was a set of rules agreed upon by nations, the WTO is an institutional body. ... Although it was designed to serve multilateral agreements, during several rounds ofGATT negotiations (particularly the Tokyo Round) plurilateral agreements created selective trading and caused fragmentation among members.


Hope this helps....

Answer 2

Explanation:

GATT - The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries whose overall objective is to facilitate the international trade by reducing or eliminating trade barriers such as tariffs or quotas.

WTO - The World Trade Organization is an intergovernmental organization dealing with the regulation of international trade between the nations.  The WTO was born out of the 1947 General Tariff and Trade Agreement (GATT). GATT was part of the Bretton Woods family, including the IMF and the World Bank.