The General Agreement on Tariffs and Trade, or GATT, was originally established in 1947 with the goal of promoting international trade by reducing trade barriers such as tariffs and quotas. However, as the global economic landscape evolved, it became increasingly clear that the agreement needed to be updated to better reflect the realities of modern international trade. This led to the creation of the General Agreement on Tariffs and Trade 1994 (GATT 1994).

GATT 1994 was the result of several years of negotiations between member countries, and it represents a significant improvement upon the original agreement. One of the key changes made in GATT 1994 was the creation of the World Trade Organization (WTO), which serves as the international organization responsible for overseeing and enforcing global trade agreements. This was a major step forward in ensuring that member countries were held accountable for their trade policies and that disputes could be resolved in a fair and impartial manner.

Another important change made in GATT 1994 was the inclusion of new rules and regulations concerning the use of non-tariff barriers to trade. This was a recognition of the fact that some countries were increasingly using non-tariff measures such as technical regulations and licensing requirements to restrict imports, and that this was having a negative impact on international trade. To address this issue, GATT 1994 established new rules governing the use of such measures, with the goal of ensuring that they were used only for legitimate purposes and not as a way to unfairly restrict trade.

Perhaps the most significant change made in GATT 1994, however, was the inclusion of provisions governing intellectual property rights. This was a recognition of the fact that intellectual property was becoming an increasingly important part of international trade and that it needed to be protected. GATT 1994 established minimum standards for the protection of intellectual property rights, including patents, trademarks, and copyrights, and set up mechanisms for resolving disputes related to these issues.

Overall, GATT 1994 represents a major step forward in the promotion of international trade and the establishment of a fair and level playing field for member countries. It is a testament to the power of international cooperation and negotiation, and it continues to serve as a foundation for global trade today. As the world continues to evolve and new challenges emerge, it is likely that we will see further revisions to GATT and other international trade agreements, but the principles established by GATT 1994 will continue to provide a strong guiding framework for international trade for years to come.