What does GATT represent in global trade?

GATT stands for the General Agreement on Tariffs and Trade. This international treaty was established to create a multilateral framework for regulating international trade and reducing trade barriers such as tariffs and quotas. By promoting trade liberalization and encouraging nations to negotiate trade agreements, GATT played a crucial role in shaping trade policies and practices globally. It laid the foundation for the World Trade Organization (WTO), which succeeded GATT in 1995 and expanded upon its principles to foster an even more comprehensive approach to international trade amongst member countries. Understanding GATT is essential for comprehending the historical context and evolution of trade negotiations and agreements that impact sectors like agriculture, including dairy production.