General agreement on tariffs and trade (GATT) is an international treaty that aims to promote international trade by reducing or eliminating trade barriers such as tariffs, quotas, and subsidies. It was signed on October 30, 1947, and was replaced by the World Trade Organization (WTO) on January 1, 1995.

The GATT has been a source of global governance since its inception. It has provided a framework for negotiations on trade agreements among countries, helped to reduce trade barriers, and created a more level playing field for international trade.

One of the main objectives of the GATT is to promote free and fair trade among member countries. This is achieved by negotiating trade agreements that reduce or eliminate trade barriers such as tariffs and quotas. Such agreements have helped to reduce the cost of goods and services, increase competition, and promote economic growth and development.

The GATT has also been instrumental in resolving trade disputes among member countries. It provides a forum for negotiations, mediation, and dispute resolution, which enables member countries to resolve their differences amicably. This has helped to prevent trade conflicts from escalating into full-blown trade wars, which can have far-reaching economic consequences.

Another important aspect of the GATT is its role in promoting transparency and accountability in trade negotiations. The GATT requires member countries to provide information on their trade policies and practices, which helps to promote a more open and transparent trading system. This, in turn, helps to ensure that trade agreements are fair and equitable for all parties involved.

In conclusion, the general agreement on tariffs and trade (GATT) has been a source of global governance since its inception. It has been instrumental in promoting international trade, reducing trade barriers, resolving trade disputes, and promoting transparency and accountability in trade negotiations. As the world continues to become more interconnected, the role of the GATT and other trade agreements will become increasingly important in promoting economic growth and global prosperity.