General Agreement on Tariffs and Trade (GATT) was the primary global agreement on international trade from 1948 until 1995. Its role was to promote free trade by reducing tariffs and other trade barriers between participating countries. Over time, GATT evolved into the World Trade Organization (WTO), which continues to play a vital role in global trade today.

GATT`s primary goal was to reduce barriers to international trade and promote economic growth. Its emphasis was on reducing tariffs, which are taxes on imported goods. High tariffs make imported goods more expensive, which can make it difficult for businesses to compete with domestic companies.

Additionally, GATT worked to eliminate other trade barriers, such as subsidies, quotas, and regulations. These barriers can also make it difficult for businesses to compete and can stifle economic growth.

The agreement was based on the principle of non-discrimination, which meant that participating countries could not give preferential treatment to their own products or to products from certain countries. Instead, all products were to be treated equally, regardless of their country of origin.

GATT was founded by 23 countries who signed the agreement in Geneva, Switzerland, in 1947. Over time, the agreement was expanded to include more than 100 countries. The final round of negotiations, known as the Uruguay Round, took place from 1986 to 1994 and resulted in the establishment of the WTO.

The WTO continues to promote free trade by enforcing GATT principles and negotiating new agreements to reduce trade barriers. The organization also provides a forum for countries to resolve trade disputes.

In conclusion, GATT played a critical role in promoting free trade and reducing tariffs and other trade barriers. Its principles continue to be enforced by the WTO, which serves as an essential organization for promoting economic growth and resolving trade disputes on a global scale. By embracing free trade, countries can benefit from increased economic growth and the creation of new jobs and opportunities.