the general agreement on tariffs and trade (GATT), an international organization 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 favored nation clause of the gatt agreement specified that countries could not have favored trading partners, but had to grant equally favorable conditions to all trading partners.the final gatt agreement-including services, copyright, and investment, as well as trade in goods-was signed in marrakesh in 1994, and the organization was superseded by the world trade organization.