General Agreement on Tariffs and Trade (GATT)

The General Agreement on Tariffs and Trade (GATT) was formed in Geneva in 1947 but it commenced operation in 1948. The aim and objectives of the organization include working towards the abolition of discriminatory tendencies in foreign trade, working towards the minimization of existing trade barriers among the member nations and discouraging the institution of further trade barriers in trade relations with member countries. Unlike the United Nations Conference on Trade and Development (UNCTAD), the activities of General Agreement on Tariffs and Trade (GATT) did not go down well with the developing nations. General Agreement on Tariffs and Trade (GATT), in 1965, decided to pay attention to the questions of the developing nations. This, it did, by taking into consideration certain products that are of particular interest to the developing nations. The aim was to reduce the barriers inhibiting the trade in such products.