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The General Agreement on Tariff and Trade (GATT) was established in 1948 in Geneva to pursue the objective of free trade in order to encourage growth and development amongst all member countries of the world. The main objective of the GATT was to ensure competition in commodity trade through the removal or reduction of trade barriers. The first seven rounds of negotiations conducted under GATT were aimed at stimulating international trade through reduction in tariff barriers ami also by reduction in non-tariff restricts on imports imposed by the member countries.