GATT

(noun)

A multilateral agreement regulating international trade; according to its preamble, its purpose is the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis."

Related Terms

Examples of GATT in the following topics:

  • The General Agreement on Tariffs and Trade (GATT)

    • The original GATT text (GATT 1947) is still in effect under the WTO framework, subject to the modifications of GATT 1994.
    • In 1993, the GATT was updated (GATT 1994) to include new obligations upon its signatories.
    • Of the original GATT members, Syria and SFR Yugoslavia (SFRY) have not rejoined the WTO.
    • GATT was replaced by the World Trade Organization (WTO) in 1995.
    • Outline the history of the creation of the General Agreement on Tariffs and Trade (GATT)

  • The World Trade Organization (WTO)

    • The General Agreement on Tariffs and Trade (GATT) was established after World War II in the wake of other new multilateral institutions dedicated to international economic cooperation Well before GATT's 40th anniversary, its members concluded that the GATT system was straining to adapt to a new globalizing world economy.
    • As a result, the WTO was formed in the final Uruguay Round of GATT in 1994.
    • The WTO has supervision over the GATT treaties as well as 60 other agreements made during the Marrakesh Agreement.
    • General Agreement on Trade in Services was established in 1995 to extend the multilateral trading system to service sector, in the same way as the General Agreement on Tariffs and Trade (GATT) provided such a system for merchandise trade.

  • From Protectionism to Liberalized Trade

    • The United States supported trade liberalization and was instrumental in the creation of the General Agreement on Tariffs and Trade (GATT), an international code of tariff and trade rules that was signed by 23 countries in 1947.
    • In addition to setting codes of conduct for international trade, GATT sponsored several rounds of multilateral trade negotiations, and the United States participated actively in each of them, often taking a leadership role.

  • Globalization and the U.S.

    • One of the earliest institutions was the General Agreement on Tariffs and Trade (GATT), which initially led to a series of agreements to remove trade restrictions.
    • GATT's successor was the World Trade Organization (WTO), which provided a framework for negotiating and formalizing trade agreements and a dispute resolution process.
    • Other institutions, including the International Bank for Reconstruction and Development (the World Bank) and the International Monetary Fund (IMF), have been facilitated by advances in technology, which have reduced the costs of trade and trade negotiation rounds, originally under the auspices of the GATT.
    • Particular initiatives carried out as a result of GATT and the WTO have included:

  • Farm Policies and World Trade

    • The United States asked more than 90 countries that were members of the world's foremost international trade arrangement, known then as the General Agreement on Tariffs and Trade (GATT), to negotiate the gradual elimination of all farm subsidies and other policies that distort farm prices, production, and trade.
    • The United States won favorable decisions from the World Trade Organization, which succeeded GATT in 1995, in several complaints about continuing European subsidies, but the EU refused to accept them.

  • Global Trade: Inequalities and Conflict

    • Now, trade is regulated in part by worldwide agreements, such as the General Agreement on Tariffs and Trade (GATT), a multilateral agreement that went into effect in 1948.
    • In 1995, GATT was replaced by the World Trade Organization (WTO), an international body that supervises global trade.

  • Colonialism and Neocolonialism

    • Specifically, neocolonialism refers to the theory that former or existing economic relationships—the General Agreement on Tariffs and Trade (GATT) and the Central American Free Trade Agreement—are used to maintain control of former colonies after formal independence was achieved.

  • A Summary of International Trade Agreements

    • The WTO is the largest international trade organization, replacing the General Agreement on Tariffs and Trade (GATT) in 1995, designed to enable international trade while reducing unfair practices.

  • Trade

    • The WTO, succeeding GATT in 1995, is an organization that seeks to liberalize international trade.