Define: Gatt

GATT stands for the General Agreement on Tariffs and Trade, which is a legal agreement between countries aimed at reducing trade barriers and promoting international trade.

GATT was established in 1947 and was in effect until it was replaced by the World Trade Organization (WTO) in 1995.

The purpose of GATT is to promote international trade by reducing tariffs, quotas, and other trade barriers, and by providing a framework for negotiating trade agreements between member countries.

GATT has had a significant impact on international trade by helping to reduce trade barriers and promote the free flow of goods and services between countries.

GATT had 23 original member countries, and over time, it expanded to include more than 120 countries.

The key principles of GATT include non-discrimination, reciprocity, and transparency in trade policies.

GATT provides a framework for resolving trade disputes between member countries through negotiation, mediation, and arbitration.

Some critics argue that GATT has favored developed countries over developing countries and has not adequately addressed issues such as labor rights and environmental protection.

GATT was replaced by the WTO in 1995, and the WTO now oversees the implementation and enforcement of GATT principles and agreements.

To become a member of GATT, a country must negotiate and adhere to the terms of the agreement and be approved by the existing member countries.