The General Agreement on Tariffs and Trade (GATT) is a multilateral agreement that was signed in 1947 to foster international trade by reducing trade barriers, such as tariffs and quotas. It was created with the goal of promoting economic growth and development by encouraging fair competition, greater access to markets, and improved living standards for people around the world.

The GATT agreement was implemented in several stages over the years. The first round of negotiations took place in Geneva, Switzerland, in 1947, where 23 participating countries agreed to reduce their tariffs by an average of 22%. This was followed by a series of rounds of negotiations in the subsequent decades, such as the Kennedy Round in the 1960s and the Uruguay Round in the 1980s and 1990s.

The Uruguay Round, which lasted from 1986 to 1994, was the most comprehensive and ambitious round of negotiations, with more than 120 participating countries. This round resulted in the creation of the World Trade Organization (WTO), which replaced the GATT as the international organization responsible for regulating and enforcing international trade rules.

The GATT agreement was implemented through a series of bilateral and multilateral agreements between participating countries. These agreements set out the rules and guidelines for international trade, such as the maximum tariffs that participating countries could impose on imported goods and the procedures that would be used for resolving disputes.

One of the key features of the GATT agreement was the Most-Favored-Nation (MFN) principle, which meant that any trade concessions given to one country would be extended to all other countries. This principle helped to promote non-discriminatory trade policies and reduce trade barriers around the world.

In conclusion, the GATT agreement was implemented over several decades through a series of negotiations and agreements between participating countries. Its goal was to promote fair competition, greater access to markets, and improved living standards through the reduction of trade barriers. While the GATT was replaced by the WTO in 1995, its legacy continues to shape international trade policy to this day.