What was the purpose of the General Agreement on Tariffs and Trade (GATT)?

The General Agreement on Tariffs and Trade (GATT) was established primarily to encourage countries to reduce trade barriers, thus promoting international trade. This agreement aimed to facilitate a more open trading environment by encouraging nations to engage in negotiations that would lead to tariff reductions and the elimination of other trade restrictions. By achieving lower trade barriers, GATT sought to create a more competitive market landscape, allowing for the growth of trade volumes and benefiting economies through the efficient allocation of resources.

The emphasis of GATT was not on establishing fixed trade barriers, creating a global currency, or promoting tariffs on imports, as these would contradict its fundamental goal of fostering freer trade. Instead, it focused on negotiation and consensus-building among member countries to create a more interconnected global economy.