- Purpose:
- To reduce and bind customs tariffs to promote trade.
- To give an early boost to trade and liberalization.
- To correct the legacy of protectionist measures from the 1930s.
- Function as a Trade Framework:
- Resulted from negotiations among 23 countries in 1947.
- Came into effect in June 1948 through a “Protocol of Provisional Application”.
- Provided a package of trade rules and tariff concessions.
- Operated through rounds of negotiations (e.g., Uruguay Round).
- Aimed to facilitate trade through multilateral agreements.