general agreement

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General Agreement on Tariffs and Trade
Set of multilateral trade agreements aimed at the abolition of quotas and the reduction of tariff duties among the signing nations. Originally signed by 23 countries at Geneva in 1947, GATT became the most effective instrument in the massive expansion of world trade in the later 20th century. By 1995, when GATT was replaced by the World Trade Organization (WTO), 125 nations had signed its agreements, which governed 90% of world trade. GATT's most important principle was trade without discrimination, in which member nations opened their markets equally to one another. Once a country and its largest trading partners agreed to reduce a tariff, that tariff cut was automatically extended to all GATT members. GATT also established uniform customs regulations and sought to eliminate import quotas. It sponsored many treaties that reduced tariffs, the last of which, signed in Uruguay in 1994, established the WTO
General Agreement on Trade and Tariffs
treaty formed so as to encourage international commerce while minimizing trade restrictions
general agreement on tariffs and trade
(Note: GATT was dissolved December 31, 1995 Agreements negotiated under GATT are now assumed by the World Trade Organization (WTO) ) Established in 1947, GATT provided the legal framework for international trade with its primary mission being the reduction of trade barriers
general agreement on tariffs and trade
A multilateral trade agreement aimed at expanding international trade GATT's main goals are to liberalize world trade and place it on a secure, stable, regulatory basis GATT is the only multilateral instrument that lays down agreed-upon rules for international trade Implemented by the organization known as GATT and now called the World Trade Organization (WTO), it is the principal international body concerned with negotiating the reduction of trade barriers, applying the terms of the Uruguay Round agreements, and improving international trade relations
general agreement on tariffs and trade
an agreement, first negotiated in 1947, whereby the twenty-three founding trading nations hoped to increase world trade by lowering trade barriers; the eighth roundor Uruguay Roundof GATT talks established the World Trade Organization in 1994
general agreement on tariffs and trade
International trade agreement specifying conditions, duties and acceptable commerce practices
general agreement on tariffs and trade
GATT was the predecessor to the WTO - it involved fewer countries and its rules were non-enforceable However, many of the agreements made at GATT were carried into the WTO and, as new countries have joined, they have taken on these agreements which are now enforceable
general agreement on tariffs and trade
the agreement among the major trading countries of the world that created the framework for lowering barriers to trade and resolving trade disputes; established after World War II, it has been succeeded by the World Trade Organization (WTO)
general agreement on tariffs and trade
General Agreement on Tariffs and Trade 1947 Extended by the Uruguay round to include services, intellectual property and investment measures Succeeded by WTO World Trade Organization
general agreement on tariffs and trade
A multilateral instrument for liberalizing international commerce The GATT was conceived at Bretton Woods and set up in 1948 In 1995, the agreement formed the basis of rules administered by a new body called the World Trade Organization IN DEPTH
general agreement on tariffs and trade
(Ticaret) (GATT) International trade agreement specifying conditions, duties and acceptable commerce practices
general agreement on tariffs and trade
A trade pact ratified in 1994 that cut tariffs world-wide, reduced agricultural subsidies, standardized copyright and patent protection and set up arbitration panels GATT was also an institution that oversaw international trade issues The institution changed its name to the World Trade Organization after the trade pact was ratified BACK TO TOP
general agreement on tariffs and trade
A framework of rules for nations to manage their trade policies, negotiate lower international tariff barriers, and settle trade disputes
general agreement on tariffs and trade
A treaty adopted by the United Nations aimed at eliminating international trade barriers between member countries
general agreement on tariffs and trade
an international treaty and organisation designed to promote mutual reductions in tariffs and other trade barriers among countries (chapter 18)
general agreement on tariffs and trade
A treaty adopted by the United Nations aimed at elimination of international trade barriers between member countries
general agreement on tariffs and trade
Multilateral international treaty first created in 1947 and frequently amended (most recently in 1994) to which 125 countries subscribe GATT provides for fair trade rules and the gradual reduction of tariffs, duties and other trade barriers The 1994 amendment created a World Trade Organization, which oversees the implementation of the GATT
general agreement on tariffs and trade
An international body set up in 1947 to probe into the ways and means of reducing tariffs on internationally traded goods and services Between 1947 and 1962, GATT held seven conferences but met with only moderate success Its major success was achieved in 1967 during the so-called Kennedy Round of talks when tariffs on primary commodities were drastically slashed and then in 1994 with the signing of the Uruguay Round agreement Replaced in 1995 by World Trade Organization (WTO)
general agreement on tariffs and trade
The world's primary organization promoting the expansion of free trade Established in 1947, it has grown to a membership of over 100
general agreement on tariffs and trade
An international agreement originally negotiated in 1947 to increase international trade by reducing tariffs and other trade barriers The agreement provides a code of conduct for international commerce and a framework for periodic multilateral negotiations on trade liberalization and expansion The Uruguay Round Trade Agreement modified the code and the framework and established the World Trade Organization (WTO) on January 1, 1995 to replace the institutions created by the GATT
general agreement on tariffs and trade
A series of international agreements first begun in 1947 aimed at gradually liberalizing international trade in goods and services Also refers to the organization set up in Geneva to implement and enforce these agreements The eighth and most recent round of trade negotiations under the GATT lasted from 1986 to 1994 and was called the Uruguay Round
general agreement on tariffs and trade
A worldwide trade pact ratified in 1994 that cut tariffs, reduced agricultural subsidies, standardized copyright and patent protection and set up arbitration panels GATT was also an institution that oversaw international trade issues The institution changed its name to the World Trade Organization after the trade pact was ratified
general agreement on tariffs and trade
An agreement negotiated in 1947 among 23 countries, including the United States, to increase international trade by reducing tariffs and other trade barriers The multilateral agreement provides a code of conduct for international commerce GATT also provides a framework for periodic multilateral negotiations on trade liberalization and expansion (see WTO)
general agreement on tariffs and trade
a United Nations agency created by a multinational treaty to promote trade by the reduction of tariffs and import quotas
general agreement on tariffs and trade
A multilateral trade agreement aimed at expanding international trade as a means of raising world welfare
general agreement on tariffs and trade
An international body devoted to eliminating import quotas, lowering tariffs, and otherwise promoting free, nondiscriminatory international trade Begun as an agreement among 22 nations at the Geneva Trade Conference of 1947, it has sponsored negotiations and agreements among many nations, and affected thousands of tariff concessions In recent years, GATT-sponsored agreements have clashed with environmental protection concerns, GATT itself has become a forum for debate over integrating economic and environmental needs Some have begun to see GATT agreements as a source of potential leverage in achieving sustainable development and solutions to problems involving global climate change (Source: Mintzer, 1992)
general agreement on tariffs and trade
An agreement originally negotiated in Geneva, Switzerland in 1947 to increase international trade by reducing tariffs and nontariff trade barriers The agreement provides a code of conduct for international commerce and a framework for periodic multilateral negotiations on trade liberalization and expansion The Uruguay Round Agreement (resulting from negotiations that stretched from 1986 through 1993 among over 100 nations) established the World Trade Organization (WTO) to replace the institutions created by the GATT The WTO officially replaced the GATT institutions on January 1, 1995 The WTO administers the GATT 1947, the revisions in GATT resulting from the Uruguay Round negotiations (GATT 1994), dispute resolution among WTO member countries, and various agreements resulting from other previous multilateral trade negotiations
general agreement

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    gen·er·al A·gree·ment

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    /ˈʤenrəl əˈgrēmənt/ /ˈʤɛnrəl əˈɡriːmənt/