The Importance of General Agreement on Tariffs and Trade (GATT) and the World Trade Organisation (WTO)

This general overview covers the definition and importance of tariffs and trade, the evolution of GATT into WTO, the functions and dispute settlement mechanisms of WTO, and the impact on specific industries. It also discusses the historical context, principles of non-discrimination and reciprocity, trade negotiations, success stories of trade liberalization, and challenges faced by developing countries. The conclusion summarises the significance of GATT/WTO, future prospects, and a call to a...