Write a short note on gatt and wto highlighting the difference between the two

Answer

WTO was formed as the successor to the General Agreement on Tariffs and Trade (GATT). First describe WTO and then tell why GATT was needed and what it does better.

Wikipedia has a terrific summary section entitled "GATT and the World Trade Organization" buried in the article General Agreement on Tariffs and Trade (http://en.wikipedia.org/wiki/General_Agreement_on_Tariffs_and_Trade).