General Agreement on Tariffs and Trade (GATT) was a multilateral agreement on trade that was in operation from 1948 until 1995. It was created to reduce barriers to international trade and promote economic growth and development. The GATT was replaced by the World Trade Organization (WTO) in 1995, but its legacy lives on. The GATT is an important historical document that outlines the principles of free trade and the rules and regulations that govern international trade.

The GATT was signed by 23 countries in 1947, and it came into effect in 1948. The agreement was designed to promote trade liberalization by reducing tariffs and other trade barriers. The GATT was successful in reducing tariffs and increasing its member countries` trade volumes. Over time, the number of member countries increased to over 120. The GATT was the foundation for the modern global trade system.

The GATT consists of several parts, each of which outlines the rules and regulations for international trade. The General Agreement on Tariffs and Trade is divided into three broad categories: the main body, which outlines the general principles of trade liberalization; the schedules, which list tariffs and other trade measures for each country; and the annexes, which detail more specific trade issues.

The GATT was designed to promote free trade by reducing tariffs and other trade barriers. The agreement was successful in increasing world trade, but it also had its drawbacks. Some countries were left behind and were unable to compete in the global marketplace. The GATT system was also criticized for being too complex and for its lack of transparency.

The GATT was replaced by the World Trade Organization (WTO) in 1995. The WTO has continued the work of the GATT, promoting free trade and economic growth. The WTO has also addressed some of the criticisms of the GATT system, by making its rules and regulations more transparent and by providing technical assistance to developing countries.

In conclusion, the General Agreement on Tariffs and Trade (GATT) was a multilateral agreement that played a crucial role in promoting free trade and economic growth. The GATT was successful in reducing tariffs and increasing trade volumes, but it also had its flaws. The GATT was replaced by the World Trade Organization (WTO) in 1995, which continues to promote free trade and address the criticisms of the GATT system. The GATT remains an important historical document and a foundation for the modern global trade system.