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Glossary: GATT

Photo: Clothing and textile
Photo: Clothing and textile

Acronym in full: The General Agreement on Tariffs and Trade

The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement regulating international trade. Its objective was to substantially reduce tariffs and other trade barriers on a reciprocal basis. GATT was signed in 1947 and lasted until 1994, when it was replaced by the World Trade Organization in 1995. An updated General Agreement is now the WTO agreement governing trade in goods.


Related resource: General Agreement on Tariffs and Trade 1994

Related term: WTO

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