International trade is the result of specialisation in production. It benefits the world economy if different countries practise specialisation and division of labour in the production of commodities or provision of services. Each kind of specialisation can give rise to trade. Thus, international trade is based on the principle of comparative advantage, complementarity and transferability of goods and services and in principle, should be mutually beneficial to the trading partners.

In context of international trade what does GATT stands for ?

General Agreement for Tariffs and Trade

In context to international trade GATT stands for 'General Arrangement for Tariffs and Trade' which later became World Trade Organisation dealing with global rules of trade between nations.