GATT : What is it and why was it created?

Business knows no borders so does dispute. Business spreads beyond national borders and across the continents. In order help business community to conduct business smoothly around the globe some kind of international mechanism is needed to settle disputes as and when they arise. After the second world war, forward looking thinkers in trade and industry realised a need for establishing an international body through which political, trade and business problems could be solved by brining global community together under that international body. This can be achieved by way of signing agreements. General Agreement on Tariffs and Trade (GATT) was created in 1947 to address global business issues. It had 123 members. Until its closing in 1994, GATT advocated free trade and tried to settle many issues. You may find more on GATT here