More than two decades ago, the World Trade Organization (WTO) was created.WTO) with the proposition that free trade between nations improves overall economic welfare. The task of regulating trade between nations was entrusted to the WTO and governed by the General Agreement on Tariffs and Trade (hereinafter referred to as the "GATT"). GATT ") formulated in 1948. GATT provided a basic set of rules governing international trade. The GATT preamble envisioned a substantial reduction in tariffs and other trade barriers, together with the elimination of preferences on a reciprocal basis among all signatory countries. With this intention, GATT became the main document on which member countries relied for international trade. (Shankey Agrawal, Harsh Shukla, Pratha Khanna, more at lexology.com)