Why GATT is Replaced by WTO: Understanding the Evolution of Global Trade
The General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO) are two pivotal entities in the history of international trade. For nearly five decades, GATT played a central role in shaping global trade policies, facilitating negotiations, and promoting economic cooperation among nations. However, with the advent of the WTO in 1995, … Read more