Define: General Agreement On Tariffs And Trade

The General Agreement on Tariffs and Trade (GATT) is a multilateral agreement aimed at promoting international trade by reducing or eliminating trade barriers such as tariffs and quotas.

GATT was established in 1947 as a result of the Bretton Woods Conference, with the goal of promoting international trade and economic cooperation.

The purpose of GATT is to promote international trade by reducing barriers to trade and providing a framework for negotiating trade agreements among member countries.

GATT was the predecessor to the WTO, which was established in 1995. The WTO encompasses the principles of GATT and also includes additional agreements on services, intellectual property, and dispute settlement.

GATT aims to reduce trade barriers and promote fair and open trade among member countries, which can lead to increased economic growth and development.

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

Disputes between member countries are resolved through the WTO’s dispute settlement mechanism, which provides a forum for resolving trade disputes through negotiation and adjudication.

GATT provides member countries with a framework for negotiating trade agreements, reducing trade barriers, and promoting economic growth through increased international trade.

Non-member countries can participate in GATT negotiations and benefit from the reduction of trade barriers, but they are not bound by the agreements unless they join as a member.

GATT aims to promote the economic development of all member countries, including developing nations, by providing them with opportunities to participate in international trade on fair and equitable terms.