What was the GATT? What is meant by the phrase “economic integration?” What is NAFTA? In general, what is the final result of trade barriers? The General Agreement on Tariffs and Trade (GATT)

The General Agreement on Tariffs and Trade (GATT)

The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement regarding international trade that was in existence from 1947 to 1994 (Balistreri et al., 2019). It provided a framework for the negotiation of tariff reductions and other trade liberalization measures among participating nations. GATT was the predecessor to the World Trade Organisation (WTO). Economic Integration: Economic integration is a process by which countries reduce or remove barriers to trade and investment in order to increase economic efficiency and expand their markets. It is usually achieved through agreements such as the European Union (EU) or the North American Free Trade Agreement (NAFTA). The goal is to create a unified market for goods, services, capital, and labor, and to promote economic growth for all participating countries. NAFTA: The North American Free Trade Agreement (NAFTA) is an agreement between Canada, Mexico, and the United States that was implemented in 1994. It eliminated tariffs and other barriers to trade between the three countries, while also creating rules governing investment, services, and intellectual property (Ranjan, 2020). NAFTA is seen as a model for other. Cont…