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The General Agreement On Tariffs And Trade (Gatt) Was Replaced By The

The General Agreement on Tariffs and Trade (GATT) was the first multilateral free trade agreement. It first entered into force in 1948 as an agreement between 23 countries and remained in force until 1995, when its accession was increased to 128 countries. It has been replaced by the World Trade Organization. The third provision was added in 1965 and was addressed to developing countries that have acceded to the GATT. Industrialized countries have agreed to eliminate tariffs on imports from developing countries in order to stimulate these economies. The reduction in tariffs has also benefited industrialized countries. When GATT increased middle-class consumers around the world, the demand for trade with industrialized countries increased.