How does the GATT Agreement affect international trade?

The GATT Agreement, or General Agreement on Tariffs and Trade, is an agreement between participating countries that regulates the rules of international trade. It forms the basis for the World Trade Organization (WTO), which handles disputes between countries related to international trade. The GATT Agreement has helped reduce tariffs and other trade barriers between countries, which has made it easier to trade goods and services between them. With lower trade barriers, countries are now able to buy and sell products more freely and at cheaper rates. This has led to increased global trade and economic development. The GATT Agreement also includes provisions that promote fair trade practices across countries. This includes laws that protect intellectual property, such as patents and copyrights, as well as laws that promote the use of good labor practices. These laws help prevent unfair competition between countries, which would lower the quality of products for consumers. In addition, the GATT Agreement sets limits on the type of subsidies that governments can give to their businesses. This helps to ensure that businesses have to compete on fair grounds, with no one gaining an unfair advantage. The GATT Agreement has helped to create a global economy, allowing countries to take advantage of each other’s resources and expertise, while promoting fair and equitable trade practices. Without it, international trade would likely be much more difficult. In Washington and around the world, the GATT Agreement continues to help shape the rules of international trade.

How does the GATT Agreement affect international trade?

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