Final answer:
The WTO succeeded the GATT to modernize trade agreements, enhance dispute settlement mechanisms, and continue promoting trade liberalization for economic growth.
Explanation:
Origin and Role of GATT and WTO
The General Agreement on Tariffs and Trade (GATT) was created in 1947 to reduce tariffs on imported goods through negotiations among member countries. This system was later succeeded by the World Trade Organization (WTO) in 1994, expanding trade rules to include areas like agriculture, services markets, and intellectual property rights.
Reasons for WTO succeeding GATT:
- Modernization: The WTO was established to manage the extended agreements from the Uruguay Round, covering a broader scope of trade liberalization and intellectual property rights protection.
- Dispute Settlement: The WTO implemented a well-defined process for resolving trade disputes among countries, providing a forum for regular discussion of trade matters.
- Goals Continuation: Both GATT and WTO share the goal of promoting trade liberalization to boost economic growth and development.
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