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:

  • 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: