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  2. General Agreement on Tariffs and Trade
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    The General Agreement on Tariffs and Trade (GATT), signed in 1947 by 23 countries, is a treaty minimizing barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies. It was intended to boost economic recovery after World War II.
    abbreviation for General Agreement on Tariffs and Trade: an international agreement to end rules that limit trade, in force from 1948 until 1994
     
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    GATT
    [ɡat]
    definition
    1. General Agreement on Tariffs and Trade, an international treaty (1948–94) to promote trade and economic development by reducing tariffs and other restrictions. It was superseded by the establishment of the World Trade Organization in 1995.
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    General Agreement on Tariffs and Trade - Wikipedia

    The General Agreement on Tariffs and Trade (GATT) is 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 … See more

    The General Agreement on Tariffs and Trade is a multi-national trade treaty. It has been updated in a series of global trade negotiations consisting of nine rounds between … See more

    In 1993, the GATT was updated ('GATT 1994') to include new obligations upon its signatories. One of the most significant changes was the … See more

    Following the United Kingdom's vote to withdraw from the European Union, supporters of leaving the EU suggested that Article 24, paragraph 5B of the treaty could be used to … See more

    • Aaronson Susan A. (1996). Trade and the American Dream: A Social History of Postwar Trade Policy & Co..
    • Goldstein, … See more

    30 October 1947
    The GATT was signed by 23 nations in Geneva
    1 January 1948
    The GATT was applied on a provisional basis
    1962–67
    $40 billion in tariffs were eliminated or reduced
    1986–94
    The Uruguay Round began in 1986. It was the most ambitious round to date, as of 1986, hoping to expand the competence of the GATT to important new areas such as services, capital, intellectual property, textiles, and agriculture.
    1 January 1995
    The World Trade Organization (WTO) was established after agreement by 123 nations in Marrakesh on 15 April 1994, as part of the Uruguay Round Agreements.

    The average tariff levels for the major GATT participants were about 22 per cent in 1947. As a result of the first negotiating rounds, tariffs were reduced in the GATT core of the United … See more

     
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