General Agreement on Tariffs and Trade

 

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General Agreement on Tariffs and Trade

A 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 Trade

A 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.



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