By reducing tariff barriers and eliminating discrimination in international trade, the GATT aims at:
1. Expansion of international trade;
2. Increase of world production by ensuring full employment in the participating nations;
3. Development and full utilisation of world resources; and
4. Raising standard of living of the world community as a whole.
However, the articles of the GATT do not provide directives for attaining these objectives. These are to be indirectly achieved by the GATT through the promotion of free (unrestricted) and multilateral international trade.
As such, the rules adopted by GATT are based on the following fundamental principles:
1. Trade should be conducted in a non-discriminatory way;
2. The use of quantitative restrictions should be condemned; and
3. Disagreements should be resolved through consultations.
In short, members of GATT agree to reduce trade barriers and to eliminate discrimination in international trade so that, multilateral and free trade may be promoted, leading to wider dimensions of world trade and prosperity.