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General Agreement on Tariffs and Trade (GATT) is a multilateral international treaty that was signed in 1947 to promote trade, especially by reducing or getting rid of tariffs and import quotas. It was replaced by the World Trade Organization in 1995.
The World Trade Organization, or WTO, is already in place, and its job is to make sure that trade around the world starts off smoothly, freely, and predictably. The WTO makes and enforces the rules for trade between its member countries. It is a system for international business.
1986 was the year that GATS was made. GATS stands for the General Agreement on Trade in Services. Even though it covers most international trade, it was not part of GATT for a number of years, which was surprising. But the complaints of people who traded services could not be ignored for long, so in 1995, at the Uruguay round of GATT, GATS was put into place. The provisions of GATS are similar to those of its counterpart, which is called GATT. However, while GATT is about trade goods, the provisions of GATS are about trade services.
GATTS is about trade and tariffs, while GATS is about international trade in services.
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