![]() The first involves core principles regarding nondiscrimination and the second involves allowable exceptions to these principles. There are two types of promises, these promises involve acceptance of certain principles of behavior with respect to international trade policies. According to Yu (1999), the main purpose of creating the GATT was in order to commit countries in upholding the principle of nondiscrimination and reciprocity, when it comes to trade. Its establishment seemingly served as a makeshift solution since the UN Conference on Trade and Employment that time was not able to make an International Trade Organization (ITO). This is because it has been replaced by WTO in 1995. ![]() ![]() This was established in 1947, after the World War II, and lasted only until 1994. MKT 412 T2 What is the difference between GATT and WTO? The General Agreement on Tariffs and Trade (GATT), is one of the major multilateral agreements that regulate international trade.
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