Glossary
General Agreement on Tariffs and Trade
Tags: Glossary
Explore the General Tariffs and Trade Agreement as it facilitates reduced tariffs and shapes the modern global trade industry.
Exploring the General Agreement on Tariffs and Trade
The General Agreement on Tariffs and Trade (GATT) was an international treaty that played a pivotal role in shaping the global trade landscape in the 20th century.
GATT was established in 1947 with the primary objective of promoting international trade by reducing barriers to commerce, such as tariffs and quotas, and by providing a framework for international cooperation on trade-related matters.
GATT aimed to reduce customs duties and tariffs on traded goods, with the ultimate goal of lowering the cost of international trade. This was expected to stimulate economic growth and development. Also, GATT established a set of rules governing international trade, including provisions related to trade in goods, dispute resolution, and negotiations for trade liberalization. These rules provided stability and predictability to the global trading system.
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