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General Agreement on Tariffs and Trade (GATT) - Explained

What is the GATT?

Written by Jason Gordon

Updated at April 25th, 2022

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What is the General Agreement On Tariffs And Trade (GATT)?Academic Research on the General Agreement on Tariffs and Trade (GATT)

What is the General Agreement On Tariffs And Trade (GATT)?

The General Agreement on Tariffs and Trade (GATT) is a multilateral trade agreement signed by 23 countries for promoting international free trade. 

The Council for Trade in Goods (Goods Council), a sub-group in the World Trade Organization, is responisble for administering GATT. The Goods Council has 10 committees dealing with the following topics: agriculture, market access, subsidies,        anti-dumping measures, state trading enterpises, etc. 

The agreement was signed in Geneva on October 30, 1947, between the 23 nations and it came into effect from January 1, 1948. The purpose of the agreement was to promote international trade of goods, services, and intellectual properties by reducing or eliminating the tariffs, duties, and quotas. 

Back to: INTERNATIONAL BUSINESS, LAW, & RELATIONS

Related Topics

  • WTO
  • General Agreement on Free Tariff and Trade (GATT)
  • International Monetary Fund
  • World Economic Forum
  • Inter-American Development Bank
  • Davos World Economic Forum 
  • Chamber of Commerce
  • Jackson Hole Economic Symposium


general agreement on tariffs and trade gatt

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