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  • The purpose of GATT is to eliminate harmful trade protectionism.
  • GATT restored economic health to the world after the devastation of the depression and World War II.
  • For 47 years, GATT reduced tariffs. This boosted world trade 8 percent a year during the 1950s and 1960s. 
  • Low tariffs destroy some domestic industries, contributing to high unemployment in those sectors.
  • In the early 1970s, the textile and clothing industries were exempted
  • this only was created to be able to help our people, of course with good things come bad things ... but everything went well and now it is stable
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