after the Great Depression and World War II, there was a worldwide push to build institutions that would tie the

nations of the world together. The United Nations officially came into existence in 1945. The World Bank,

which assists the poorest people in the world, and the International Monetary Fund, which addresses issues

raised by international financial transactions, were both created in 1946. The third planned organization was

to be an International Trade Organization, which would manage international trade. The United Nations was

unable to agree to this. Instead, 27 nations signed the General Agreement on Tariffs and Trade (GATT) in

Geneva, Switzerland on October 30, 1947 to provide a forum in which nations could come together to negotiate

reductions in tariffs and other barriers to trade. In 1995, the GATT transformed into the WTO.

The GATT process was to negotiate an agreement to reduce barriers to trade, sign that agreement, pause for a
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