Write a brief note on GATT.

GATT
(i) GATT (General Agreement on Tariff and Trade) was established in the year 1948 in Geneva.
(ii) Its main objective was to pursue free trade in order to encourage growth and development of all member countries.
(iii) Through a series of negotiations, GATT has systematically lowered tariff rates world wide to ensure competition in commodity trade. Thus it has contributed in boosting the world economy in the post-World War period to a great extent.