General Agreement On Tariffs And Trade - GATT
Categories: Econ, Regulations, International, Trading
The war has ended (think: late 1940s). Your native country, Serbia, has been economically ravaged. All of the resources had been used to supply and fund the war effort. Luckily, surrounding countries signed a treaty to help war-torn countries (like our own) get back on their feet.
This treaty was the General Agreement on Tariffs and Trade, or GATT. GATT tried to stifle anything that stifles international trade...things like quotas, tariffs, and other trade barriers. International trade benefits both sides of the trade, and provides the most economic growth, so GATT wanted to make sure that happened.
GATT took effect in 1948 and was signed by 23 countries. Now there's the World Trade Organization to help maintain the treaty by addressing important issues facing smaller countries. Because sharing is caring.