What is GATT and what is the conection between GATT and GLOBALISATION?

Answer 1

GATT stands for the General Agreement on Tariffs and Trade which was first signed in 1947.

The agreement was designed to provide an international forum that encouraged free trade between member states by regulating and reducing tariffs on traded goods and by providing a common mechanism for resolving trade disputes.

GATT membership now includes more than 110 countries.

The connection between GATT and globalisation is, of course, that the express purpose of GATT was to enable countries to do business with each other without import/export restrictions and any fear of legal complications. This would have paved the way for companies to move into a truly international arena.