The General Agreement on Tariffs and Trade (GATT) was a multilateral treaty established in 1947 to promote international trade by reducing tariffs and other trade barriers. It served as a framework for trade negotiations among member countries, facilitating a more open and cooperative global trading environment that ultimately contributed to the establishment of the World Trade Organization (WTO). GATT's principles encouraged nations to lower trade barriers, impacting multinational corporations, global supply chains, trade policies, and economic recovery strategies following economic downturns.
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