GATT definitions
| Word backwards | TTAG |
|---|---|
| Part of speech | The part of speech of the word "GATT" is a noun. |
| Syllabic division | GATT has one syllable: GATT |
| Plural | The plural of GATT is GATTs (General Agreement on Tariffs and Trade). |
| Total letters | 4 |
| Vogais (1) | a |
| Consonants (3) | g,a,t |
General Agreement on Tariffs and Trade (GATT)
The General Agreement on Tariffs and Trade (GATT) was a multilateral trade agreement that was in effect from 1948 to 1995. It was created to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.
GATT was designed to provide a set of rules and principles for international trade, with the goal of fostering economic growth and development. It aimed to create a more stable and predictable trading environment for all participating countries.
One of the key principles of GATT was the principle of non-discrimination, known as the most-favored-nation principle. This meant that any advantage granted to one nation in terms of trade had to be extended to all GATT members.
Successor to GATT - World Trade Organization (WTO)
In 1995, GATT was replaced by the World Trade Organization (WTO). The WTO was established to serve as a more comprehensive and effective platform for regulating international trade, including new areas such as services and intellectual property.
The World Trade Organization (WTO) continues to build upon the foundation laid by GATT and remains a crucial player in shaping global trade policies and resolving trade disputes among its member countries. It provides a forum for negotiations and discussions to address emerging issues in the global economy.
GATT and its successor, the WTO, have played a significant role in promoting free and fair trade on an international scale, contributing to the growth and development of economies worldwide.
GATT Examples
- The General Agreement on Tariffs and Trade (GATT) was established in 1947.
- Negotiations under GATT aimed to reduce trade barriers between member countries.
- Many countries have benefited from the provisions of the GATT agreement.
- GATT is considered a precursor to the World Trade Organization (WTO).
- The GATT principles promote fair and open trade practices.
- GATT has played a key role in promoting global economic growth.
- Member countries of GATT agree to abide by the rules of the agreement.
- GATT has provisions for dispute resolution between member countries.
- The GATT agreement has undergone several rounds of negotiations to update its provisions.
- The GATT Uruguay Round led to the creation of the World Trade Organization (WTO).