The General Agreement on Tariffs and Trade (GATT) was an international treaty signed by 23 countries in 1947 to promote international trade by reducing or eliminating trade barriers such as tariffs and quotas. The aim of this treaty was to increase economic growth and prosperity by expanding international trade which was hampered by excessive tariffs and trade restrictions.

The GATT was a landmark agreement as it established a rules-based system for international trade and served as a precursor to the creation of the World Trade Organization (WTO). The GATT was succeeded by the WTO in 1995 which is responsible for enforcing the rules governing international trade among its member nations.

The GATT aimed to achieve three main objectives:

1. Reduction of tariffs and other trade barriers: The GATT aimed to reduce or eliminate tariffs, quotas, and other trade barriers that were hindering trade between member nations. This led to a significant reduction in trade restrictions which helped to increase international trade.

2. Non-discrimination in trade: The GATT required member nations to treat all other member nations equally. This meant that each member nation was required to apply the same trade rules to all other member nations, without discrimination.

3. Promotion of fair competition: The GATT aimed to promote fair competition among member nations by preventing anti-competitive practices and ensuring that trade was conducted in a transparent and non-discriminatory manner.

The GATT was successful in achieving its objectives as it led to a significant increase in international trade and helped to promote economic growth and development. The GATT also paved the way for the establishment of the WTO which has continued to promote free and fair trade among its member nations.

In conclusion, the General Agreement on Tariffs and Trade (GATT) was a landmark agreement that established a rules-based system for international trade and helped to promote economic growth and development by reducing trade barriers and promoting fair competition. The GATT was succeeded by the WTO in 1995 and its legacy continues to shape the global trade system today.