1947: General Agreement on Tariffs and Trade (GATT)
An agreement reached by 15 negotiating states aims to boost international trade by reducing tariff barriers, quantity restrictions and subsidies. Through eight additional negotiating rounds, the treaty will increase the number of signatory states to 75 and expand its reach from commodities to other industrial and agricultural goods, services, capital and intellectual property. In 1995, GATT will be replaced by the World Trade Organization.(GATT archives)