{"id":261,"date":"2015-04-21T16:29:47","date_gmt":"2015-04-21T16:29:47","guid":{"rendered":"https:\/\/courses.candelalearning.com\/masterybusiness1xngcxmaster\/?post_type=chapter&p=261"},"modified":"2015-07-11T23:03:32","modified_gmt":"2015-07-11T23:03:32","slug":"gatt-and-the-wto","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wmintrobusinessx51xmaster\/chapter\/gatt-and-the-wto\/","title":{"raw":"Outcome: GATT and the WTO","rendered":"Outcome: GATT and the WTO"},"content":{"raw":"

What you\u2019ll learn to do:\u00a0explain the historical role of GATT in international trade and the WTO's impact on international trade<\/h2>\r\n

In the post\u2013World War II environment, countries came to realize that a major component of achieving any degree\u00a0of global peace was global cooperation\u2014politically, economically, and socially. The intent was to level the trade playing field and reduce economic areas of disagreement, since inequality in these areas could lead to more serious conflicts. Among the initiatives, nations agreed to work together to promote free trade and entered into bilateral and multilateral agreements. The General Agreement on Tariffs and Trade (GATT) resulted from these agreements. In this section, you\u2019ll review GATT\u2014learn why it was created and what its historical successes and challenges have been. You\u2019ll then look at the World Trade Organization (WTO), which replaced GATT in 1995, and study the impact of both these organizations on international trade. While GATT started as a set of rules between countries, the WTO has become an institution overseeing international trade.<\/p>\r\n\r\n

Learning Activities<\/h3>\r\nThe learning activities for this section include:\r\n