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General Agreement on Tariffs and Trade |
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General Agreement on Tariffs and TradeA multilateral treaty entered into in 1948 by the intended members of the International Trade Organization, the purpose of which was to implement many of the rules and negotiated tariff reductions that would be overseen by the ITO. With the failure of the ITO to be approved, the GATT became the principal institution regulating trade policy until it was subsumed within the WTO in 1995.General Agreement on Tariffs and TradeA trade agreement between a large number of countries, dating back to 1948, which was set up to improve trading world wide and to work towards the reduction of tariff barriers.Similar MatchesReciprocal trade agreementReciprocal trade agreementAgreement between two countries to open their markets to each other's exports, usually by each reducing tariffs. Early trade rounds under the GATT consisted mostly of reciprocal trade agreements, extended to other contracting parties by the MFN requirement. Standby agreementStandby agreementIn a rights issue, agreement that the underwriter will purchase any stock not purchased by investors. Knock for knock agreementKnock for knock agreementAlthough it currently rarely applies, this is a motor insurance term describing an agreement between insurance companies where each pays the claims of its own clients following an accident. This principle applies irrespective of blame and seeks to save time and expense. One of the parties involved in such circumstances may however seek to sue the other and if successful may claim from the other's insurers. Schengen AgreementSchengen AgreementAn agreement (later, convention) signed in 1985 to remove all frontier controls and permit free movement of persons between the participating countries. In 1999 it was incorporated into the European Union. Currently (2001), the participants include all EU countries except Ireland and the U.K., plus Iceland and Norway. Cartagena AgreementCartagena AgreementThe 1969 agreement, also known as the Andean Pact, that led ultimately to the Andean Community. Further SuggestionsABC agreementPurchase agreement Canada-US Free Trade Agreement Standstill agreement Double tax agreement Plan agreement Cash deficiency agreement Equity contribution agreement Concession agreement TRIPs Agreement Bretton Woods Agreement Revolving credit agreement Lease purchase agreement Rights Agreement (aka "Poison Pill") Tolling agreement Forward rate agreement (FRA) General Agreement on Trade in Services Buttonwood Agreement Raw material supply agreement European Monetary Agreement Partnership agreement Investment agreement Europe Agreement Selected dealer agreement Tax clawback agreement |
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