advantages of GATT???

Question

examples of advantages of General Agreement on Tariffs and Trade (GATT)

Answer 1

The GATT was the organization formed after the Breton-Woods arangement which supported international free trade. Today, it is the WTO (World Trade Organization).

The GATT made its success in 8 rounds of negotiations as follows:

Round Dates Achievement
Geneva 1948 GATT entered into force
Annecy (France) 1949 Tariff reduction
Torquay (England) 1951 Tariff reduction
Geneva 1956 Tariff reduction
Dillon 1960-62 Tariff reduction
Kennedy 1962-67 Tariff reduction Anti-dumping code
Tokyo 1973-79 Tariff reduction Non-tariff barrier codes
Uruguay 1986-94 GATT enlargedWorld Trade Organization

Ultimately, the real purpose of the WTO is just to facilitate trade negotitations and provide a fair bargaining ground for all of its members. The WTO encourages countries from devaluating their currency (so as to make their products cheaper in foreign markets) and from maintaining huge trade deficits (so as to insist that they be paid off).