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(GATT)
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The Origin
Inspired by the success of IMF, many countries came forward and created ITO(International Trade Organization) Certain discrepancies including relaxation of trade was taken to ITOs notice As a solution a treaty- GATT was signed in 1947 by 23 major trading giants, presently it has 64 members Under GATT, member nations meet regularly to negotiate on quotas, tariffs and other barriers on trade Though it was signed as a treaty, I has become now as a permanent international trade and institution for multilateral expansion of trade