The General Agreement on Tariffs and Trade, popularly known as GATT, is an international agreement between governments aimed at regulating and promoting world trade. The agreement was signed on October 30, 1947, and went into effect on January 1, 1948.

GATT was created with the aim of promoting free trade by reducing or eliminating trade barriers such as tariffs, quotas, and subsidies. The agreement was designed to provide a framework for the negotiation of trade agreements and to resolve trade disputes between countries.

GATT was originally signed by 23 countries, including the United States, Canada, the United Kingdom, France, and Japan. Over the years, the agreement was expanded to include over 120 countries. GATT was replaced by the World Trade Organization (WTO) in 1995, but many of its principles and provisions continue to influence global trade today.

Under GATT, member countries agreed to reduce trade barriers by negotiating and implementing a series of trade agreements. The most important of these agreements were the rounds of negotiations that were held periodically to address specific trade issues. The first round, held in Geneva in 1947, resulted in the signing of the GATT agreement and the reduction of tariffs on a range of goods.

Subsequent rounds of negotiations, including the Kennedy Round (1964-1967), the Tokyo Round (1973-1979), and the Uruguay Round (1986-1994), resulted in further reductions of trade barriers and the expansion of the scope of the agreement to cover areas such as intellectual property rights and services trade.

GATT was credited with promoting economic growth, reducing poverty, and creating jobs in member countries. However, the agreement was not without criticism. Some argued that it favored developed countries and multinational corporations at the expense of developing countries. Others argued that it did not do enough to protect workers` rights and environmental standards.

Despite these criticisms, GATT remains an important milestone in the history of international trade. Its legacy is evident in the current global trade system, which is based on the principles of free trade and the reduction of trade barriers. The agreement continues to influence global trade negotiations and is a testament to the power of international cooperation in promoting economic growth and development.