general agreement on tariffs and trade meaning

  "general agreement on tariffs and trade" in a sentence
Noun: General Agreement on Tariffs and Trade
  1. A United Nations agency created by a multinational treaty to promote trade by the reduction of tariffs and import quotas
    - GATT

Type of: UN agency, United Nations agency

Encyclopedia: General Agreement on Tariffs and Trade


[Economics]
= GATT

A trade treaty that operated from 1948 until 1995, when it was replaced by the World Trade Organization (WTO). GATT was supported by 95 nations and a further 28 nations applied its rules de facto. Its objectives were to expand world trade and to provide a permanent forum for international trade problems. GATT was especially interested in extending free trade, which it achieved in eight 'rounds': Geneva (1947), Annecy (1948), Torquay (1950), Geneva (1956), Dillon (1960-61), Kennedy (1964-67), Tokyo (1973-79), and Uruguay (1986-94).


[Law]
An international treaty signed in 1947 to provide for some measure of world free trade with the aim of reducing high tariffs on goods. Its objectives in extending free trade have been achieved in a series of eight negotiations (rounds); the last of these, the Uruguay Round (1986-94), led to the establishment of the World Trade Organization and further agreement to ensure more free trade around the world.

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  1. general agreement on tariffs and trade
  2. general agreement on tariffs and trade, gatt
  3. general agreement on tariffs and trade, gatt
  4. general agreement on tariffs and trade gatt
  5. the general agreement on tariffs and trade

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