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.”


General Agreement On Tariffs And Trade

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]
  • Enforcement of the General Agreement on Tariffs and Trade – heinonline.org [PDF]
  • The General Agreement on Tariffs and Trade in United States Domestic Law – www.jstor.org [PDF]
  • Multilateral commercial diplomacy; the General Agreement on Tariffs and Trade and its impact on national commercial policies and techniques. – www.cabdirect.org [PDF]
  • China and the GATT: legal and policy issues raised by China's participation in the General Agreement on Tariffs and Trade – heinonline.org [PDF]
  • International trade and the environment: an environmental assessment of the General Agreement on Tariffs and Trade. – www.cabdirect.org [PDF]
  • Export-promoting subsidies, countervailing threats, and the General Agreement on Tariffs and Trade – academic.oup.com [PDF]
  • GATT or GABB? The future design of the general agreement on tariffs and trade – www.jstor.org [PDF]