The General Agreement on Tariffs and Trade (GATT) was established in 1947 to promote international trade by reducing tariffs and other trade barriers. It aimed to create a fair and open trading system among its member countries, facilitating economic cooperation and growth. GATT provided a framework for negotiating trade agreements and resolving disputes. In 1995, GATT was replaced by the World Trade Organization (WTO), which expanded its scope to include services and intellectual property. The WTO continues to uphold the principles of GATT, ensuring that trade flows as smoothly and predictably as possible among its member nations.