What agreement originally influenced trade and was later replaced by the WTO?

The General Agreement on Tariffs and Trade (GATT) was established in 1947 and aimed to promote international trade by reducing or eliminating trade barriers such as tariffs and quotas between its member countries. GATT set the framework for multilateral trade negotiations and played a crucial role in liberalizing global trade during its existence.

The agreement laid the groundwork for future trade agreements and negotiations, particularly addressing issues related to trade in goods. In 1995, GATT was succeeded by the World Trade Organization (WTO). The WTO expanded not only the scope of trade agreements to include services and intellectual property but also provided a more structured and enforceable system for trade rules. Thus, the influence of GATT on the formation of the WTO is significant as it served as the original agreement that shaped modern international trade practices.