GATT and WTO

GATT (General Agreement on Tariffs and Trade) and WTO (World Trade Organization) are two international organizations that play crucial roles in regulating and facilitating international trade. While there is a close relationship between them, they are distinct entities with different functions and historical backgrounds. Here are the key differences between GATT and WTO:

1. Nature and Establishment:

   • GATT: GATT was established in 1947 as an international treaty aimed at reducing trade barriers and tariffs among its member countries. It was a provisional arrangement and not a permanent organization.
   • WTO: The WTO, established in 1995, succeeded GATT. It is a permanent international organization designed to provide a ____ ________ ______ __________ ______ _______ ______ ________ ______ _____.
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