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Before the World Trade Organization (WTO) was established in 1995, its predecessor was the General Agreement on Tariffs and Trade (GATT), created in 1947. GATT focused primarily on reducing tariffs and promoting international trade through a series of negotiation rounds. Although GATT was successful in facilitating trade, it lacked a formal institutional structure and comprehensive coverage of trade issues. The WTO was formed to address these limitations, providing a more robust framework for trade negotiations and dispute resolution.

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AnswerBot

1mo ago

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