General Agreement On Tariffs And Trade - GATT

AAA

DEFINITION of 'General Agreement On Tariffs And Trade - GATT'

A treaty created following the conclusion of World War II. The General Agreement on Tariffs and Trade (GATT) was implemented to further regulate world trade to aide in the economic recovery following the war. GATT's main objective was to reduce the barriers of international trade through the reduction of tariffs, quotas and subsidies.

INVESTOPEDIA EXPLAINS 'General Agreement On Tariffs And Trade - GATT'

Formed in 1947 and signed into international law on January 1, 1948, GATT remained one of the focal features of international trade agreements until it was replaced by the creation of the World Trade Organization on January 1, 1995. The foundation for GATT was laid by the proposal of the International Trade Organization in 1945, however the ITO was never completed.

RELATED TERMS
  1. Tariff

    A tax imposed on imported goods and services. Tariffs are used ...
  2. Trade Liberalization

    The removal or reduction of restrictions or barriers on the free ...
  3. Terms of Trade - TOT

    The value of a country's exports relative to that of its imports. ...
  4. Group Of Twenty - G-20

    A group of finance ministers and central bank governors from ...
  5. Embargo

    A government order that restricts commerce or exchange with a ...
  6. World Trade Organization - WTO

    An international organization dealing with the global rules of ...
Related Articles
  1. The Dark Side Of The WTO
    Economics

    The Dark Side Of The WTO

  2. What Is The World Trade Organization?
    Economics

    What Is The World Trade Organization?

  3. Ebola's Economic Impacts on Liberia, ...
    Economics

    Ebola's Economic Impacts on Liberia, ...

  4. How Influential Economists Changed Our ...
    Fundamental Analysis

    How Influential Economists Changed Our ...

comments powered by Disqus
Hot Definitions
  1. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  2. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
  3. Days Payable Outstanding - DPO

    A company's average payable period. Calculated as: ending accounts payable / (cost of sales/number of days).
  4. Net Sales

    The amount of sales generated by a company after the deduction of returns, allowances for damaged or missing goods and any ...
  5. Over The Counter

    A security traded in some context other than on a formal exchange such as the NYSE, TSX, AMEX, etc. The phrase "over-the-counter" ...
  6. Earnings Before Interest After Taxes - EBIAT

    A financial measure that is an indicator of a company's operating performance. EBIAT, which is equivalent to after-tax EBIT ...
Trading Center