Finally, free trade agreements between countries were authorized under gatt, opening the door to the Canada-United States Free Trade Agreement in 1989 and the North American Free Trade Agreement (NAFTA) in 1994. Browse or download the text of the Multilateral Agreement on Trade in Goods from the legal gateway The General Agreement on Tariffs and Trade (GATT) is a cheap market, first signed on 30 October 1947 in Geneva, Switzerland, by 23 countries. The objective of the GATT was to achieve „a substantial reduction in tariffs and other barriers to trade and the elimination of reciprocal and mutually beneficial preferences“ in order to stimulate economic recovery after the Second World War. Petros Mavroidis, Trade in Goods: The GATT and the Other WTO Agreements Regulating Trade in Goods, 2d ed. (TRLN Shared Print K4600. 30, 1947, out of 23 countries, was a legal agreement that minimized barriers to international trade by removing or reducing quotas, tariffs and subsidies, while maintaining important rules. Online documents on the WTO website contain links to legal texts and official WTO documents (including texts of WTO agreements) as well as to documents published under gatt. Gatt entered into force in January. 1, 1948.
Since those beginnings, it has been refined, which eventually led to the creation, on 1 January 1995, of the World Trade Organization (WTO), which welcomed and expanded it. At that time, 125 nations were signatories to their agreements, which covered about 90% of world trade.