The General Agreement on Tariffs and Trade (GATT) was established after the Second World War to facilitate international trade by reducing trade barriers. It was signed by 23 countries in 1947 and eventually expanded to include 128 countries. The GATT established a set of rules and principles to govern global trade and reduce tariffs on goods and services.

One of the key features of the GATT was the Most-Favored Nation (MFN) principle. This principle meant that any tariff reductions or trade concessions offered by one country to another would automatically be extended to all other GATT members. This was designed to prevent discrimination between countries and promote fair competition.

Another important aspect of the GATT was the concept of national treatment. This meant that foreign goods and services would be treated the same way as domestic goods and services. This ensured that all parties were subject to the same rules and regulations and prevented countries from favoring their own industries.

The GATT also established a dispute resolution mechanism to help countries settle trade disputes. This mechanism allowed countries to bring complaints against other countries if they believed that their trade rights were being violated.

In 1995, the GATT was replaced by the World Trade Organization (WTO), which incorporated the GATT principles into its framework. The WTO expanded the scope of the GATT to include new areas such as intellectual property rights and services.

Overall, the General Agreement on Tariffs and Trade played a significant role in promoting international trade and reducing trade barriers. Its principles continue to be upheld by the WTO and form the basis of global trade rules today.