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Explain the effect of the GATT on international trade.

Explain the effect of the GATT on international trade.
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GATT means the general agreement on trade and tariffs. GATT has transformed the way done . Trade among the countries of world was hampered by the huge tariffs. The average tariff was around 22% in 1947 which has been reduced to 5 % in 1995. GATT leads to trade liberalization , trade opening with inclusion of agreement such as most favoured nation clause etc. Another important feature of GATT is bilateral negotiations, resolving disputes through negotiations.

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