the general agreement on tariffs and trade (GATT), an international organizetion set up in 1947, had the objectives of encouraging international trade, of making tariffs the only from of protectionism, and of reducing these as much as possible. the most favoured nation clause of the gatt agreement specified that countries could not have favured trading partners, but had to grant equally favurable conditions to all trading partners.the final gatt agreement-including services, copyright, and investment, as well as trade in goods-was signed in marrakech in1994, and the organizetion was superseded by the world trade organizetion.