Explain What the General Agreement on Tariffs and Trade (GATT)is

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The Answer is GATT refers to the General Agreement on Tariffs and Trade. The general purpose of GATT is to eliminate trade barriers between signatory countries and to bolster commerce. GATT was founded on the following principles:
Free Trade. The major focus of this treaty is to reduce trade barriers.
Most Favored Nation. This means that countries must treat every other member nation equally.
National Treatment. After imported products have entered the country, they must be treated the same as locally produced goods. In other words, countries may not discriminate against foreign goods by imposing additional taxes that do not apply to domestic goods.

Explain What the General Agreement on Tariffs and Trade (GATT)is

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