Step 1 : Introduction to the question "What does the acronym GATT mean?"
...The General Agreement on Tariffs and Trade's main purpose was an economic one. Its purpose was to increase and improve international trade without losing meaningful regulations. The economic tools at GATT's disposal include different tariffs, subsidies and quotas. GATT became law in 1948 and boasted 23 signatory countries. Refining the organization over the years culminated in the creation of the World Trade Organization (WTO.) The WTO began Jan. 1, 1995, with 123 member countries signing on. Source: Investopedia.com
