The General Agreement on Tariffs and Trade, or GATT, was established in 1947 to promote international trade by reducing tariffs and other trade barriers. It aimed to create a more open and fair trading environment among its member countries, facilitating economic cooperation and growth. GATT provided a framework for negotiating trade agreements and resolving disputes, helping to stabilize the global economy after World War II. In 1995, GATT was replaced by the World Trade Organization (WTO), which expanded its functions to include services and intellectual property. While GATT focused primarily on goods, the WTO continues to uphold its principles while addressing broader trade issues in the modern economy.