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General Agreement On Tariffs And Trade

Definition

General Agreement on Tariffs and Trade was a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis."

What is 'General Agreement On Tariffs And Trade '

A treaty created following the conclusion of World War II. The General Agreement on Tariffs and Trade (GATT) was implemented to further regulate world trade to aide in the economic recovery following the war. GATT's main objective was to reduce the barriers of international trade through the reduction of tariffs, quotas and subsidies.

Explaining 'General Agreement On Tariffs And Trade '

Formed in 1947 and signed into international law on January 1, 1948, GATT remained one of the focal features of international trade agreements until it was replaced by the creation of the World Trade Organization on January 1, 1995. The foundation for GATT was laid by the proposal of the International Trade Organization in 1945, however the ITO was never completed.


Further Reading


Enforcement, private political pressure, and the General Agreement on Tariffs and Trade/World Trade Organization escape clause
www.journals.uchicago.edu [PDF]
… in the context of international market access agreements negotiated within the General Agreement on Tariffs … in all circumstances; rather, the tariff bindings to which governments agree in GATT … binding defines the precise tariff that governments must apply under the agreement …

Enforcement of the General Agreement on Tariffs and TradeEnforcement of the General Agreement on Tariffs and Trade
heinonline.org [PDF]
… in the context of international market access agreements negotiated within the General Agreement on Tariffs … in all circumstances; rather, the tariff bindings to which governments agree in GATT … binding defines the precise tariff that governments must apply under the agreement …

The General Agreement on Tariffs and Trade in United States Domestic LawThe General Agreement on Tariffs and Trade in United States Domestic Law
www.jstor.org [PDF]
… in the context of international market access agreements negotiated within the General Agreement on Tariffs … in all circumstances; rather, the tariff bindings to which governments agree in GATT … binding defines the precise tariff that governments must apply under the agreement …

Multilateral commercial diplomacy; the General Agreement on Tariffs and Trade and its impact on national commercial policies and techniques.Multilateral commercial diplomacy; the General Agreement on Tariffs and Trade and its impact on national commercial policies and techniques.
www.cabdirect.org [PDF]
… in the context of international market access agreements negotiated within the General Agreement on Tariffs … in all circumstances; rather, the tariff bindings to which governments agree in GATT … binding defines the precise tariff that governments must apply under the agreement …

China and the GATT: legal and policy issues raised by China's participation in the General Agreement on Tariffs and TradeChina and the GATT: legal and policy issues raised by China's participation in the General Agreement on Tariffs and Trade
heinonline.org [PDF]
… in the context of international market access agreements negotiated within the General Agreement on Tariffs … in all circumstances; rather, the tariff bindings to which governments agree in GATT … binding defines the precise tariff that governments must apply under the agreement …

International trade and the environment: an environmental assessment of the General Agreement on Tariffs and Trade.International trade and the environment: an environmental assessment of the General Agreement on Tariffs and Trade.
www.cabdirect.org [PDF]
… in the context of international market access agreements negotiated within the General Agreement on Tariffs … in all circumstances; rather, the tariff bindings to which governments agree in GATT … binding defines the precise tariff that governments must apply under the agreement …

Export-promoting subsidies, countervailing threats, and the General Agreement on Tariffs and TradeExport-promoting subsidies, countervailing threats, and the General Agreement on Tariffs and Trade
academic.oup.com [PDF]
… in the context of international market access agreements negotiated within the General Agreement on Tariffs … in all circumstances; rather, the tariff bindings to which governments agree in GATT … binding defines the precise tariff that governments must apply under the agreement …

GATT or GABB? The future design of the general agreement on tariffs and tradeGATT or GABB? The future design of the general agreement on tariffs and trade
www.jstor.org [PDF]
… in the context of international market access agreements negotiated within the General Agreement on Tariffs … in all circumstances; rather, the tariff bindings to which governments agree in GATT … binding defines the precise tariff that governments must apply under the agreement …



Q&A About General Agreement On Tariffs And Trade


What replaced it in 1995?

The creation of the World Trade Organization (WTO) replaced it on January 1st 1995.

How did GATT help in the economic recovery following WW2?

GATT helped to reduce barriers of international trade through reduction of tariffs, quotas and subsidies.

When was GATT implemented?

It was implemented in 1947.

What were some objectives for GATT?

To further regulate world trade and aid in economic recovery following World War II.

Who signed into law on January 1, 1948?

It was signed into international law on January 1, 1948 by 23 countries including Australia, Belgium, Brazil, Canada, China, France, West Germany and Italy among others.

What is the GATT?

The General Agreement on Tariffs and Trade (GATT) was a treaty created following the conclusion of World War II.