When GATT was evolved ?

In order to solve international matters on trade, at the Bretton Woods Conference International Trade Organisation was established. But the idea could not moleratise. Instead an arrangement called General Agreement for Tariffs and Trade (GATT) was evolved to promote trade through reduction of tariff and non-tariff barriers. GATT came into existence with effect from 1st January 1948 and remained in force till December 1995. GATT has been transformed into World Trade Organisation (WTO).