The General Agreement on Tariffs and Trade or GATT was created in 1947 and provides the basis for most multilateral trade negotiations for reducing trade barriers. Since 1947, GATT has provided the rules for international trade and a forum for international trade disputes. In 1994, a new trade agreement was reached, known as the General Agreement on Tariffs and Trade. This created a new GATT trade agreement, which enhanced the role of international law in regulating trade and created the World Trade Organization (WTO).

problem: Summarize GATT law and the WTO include the following: What is GATT? What is the primary function of the World Trade Organization (WTO) How do parties settle trade disputes through GATT and the WTO?

Answer in 450 words.