What is the difference between GATT and WTO?

The General Agreements on Tariffs and Trade, or GATT, was put into place shortly after World War II and featured rules that sought to reduce tariffs and remove trade barriers so that 153 countries could benefit from better trade. In contrast, the World Trade Organization, or WTO, was put into place in 1995 as a replacement to GATT, and it further broke down trade barriers and help settle disputes about trade policies.

These two organizations also differ in that the GATT only dealt with trading goods while the WTO also dealt with service and intellectual property trades. Furthermore, the GATT was not permanent like the WTO, and the WTO makes it faster to settle disputes than the GATT.