Trade Agreement Is Also Known As



[1] Trade agreements therefore make misunderstandings less likely and create confidence on both sides that fraud is punishable; This increases the likelihood of long-term cooperation. Since the establishment of the General Agreement on Tariffs and Trade (GATT, implemented in 1948) and its successor, the World Trade Organization (WTO, established in 1995), global tariff rates have fallen significantly and world trade has expanded. . . .