The reasons for the intense increase in international trade that has occurred over the last 75 years include increased specialization among nations, reduction in trade barriers and decreased shipping costs.
Numerous agreements and organizations established to monitor trade policy support free trade. The World Trade Organization (WTO) and General Agreement on Tariffs and Trade (GATT) are the two most significant.
International trade was hampered by strong trade regulations following the Great Depression in The 1930s and World War II, when most nations concentrated on safeguarding domestic industries.
The General Agreement on Taxes and Trade (GATT), which promoted free trade by regulating and lowering tariffs and by establishing a forum for resolving trade disputes, was signed by 23 countries in 1947 to address this issue.
The World Trade Organization was established in 1995 by the participants of the extremely successful campaign to carry on the GATT's mission of regulating trade.
To know more about trade barriers, check out:
brainly.com/question/11536808
#SPJ4
