General Agreement on Tariffs and Trade definitions
| Word backwards | lareneG tnemeergA no sffiraT dna edarT |
|---|---|
| Part of speech | The phrase "General Agreement on Tariffs and Trade" is a noun phrase. |
| Syllabic division | Gen-er-al Agree-ment on Tar-iffs and Trade |
| Plural | The plural of General Agreement on Tariffs and Trade is General Agreements on Tariffs and Trade. |
| Total letters | 33 |
| Vogais (5) | e,a,a,o,i |
| Consonants (12) | g,n,r,l,a,m,t,f,s,d |
General Agreement on Tariffs and Trade, also known as GATT, was a multilateral agreement regulating international trade that existed from 1948 to 1995. It was created with the goal of promoting international trade by reducing or eliminating barriers such as tariffs and quotas.
The General Agreement on Tariffs and Trade was negotiated during the United Nations Conference on Trade and Employment and was signed by 23 countries in October 1947. Over the years, the agreement underwent several rounds of negotiations to further liberalize trade among member countries.
Key Principles
One of the key principles of the General Agreement on Tariffs and Trade was the most favored nation principle, which required member countries to apply any favorable trading conditions granted to one country to all other member countries. This principle aimed to ensure nondiscrimination in international trade.
Role in International Trade
Throughout its existence, the General Agreement on Tariffs and Trade played a significant role in shaping the international trading system. It provided a forum for negotiations to reduce trade barriers and resolve trade disputes among member countries.
Successor Organization
In 1995, the General Agreement on Tariffs and Trade was replaced by the World Trade Organization (WTO). The WTO builds upon the foundation laid by GATT and continues to oversee international trade agreements, resolve trade disputes, and promote free trade among its member countries.
In conclusion, the General Agreement on Tariffs and Trade was a landmark agreement that paved the way for the liberalization of international trade. While it may no longer exist in its original form, its legacy continues to shape global trade policies and practices to this day.
General Agreement on Tariffs and Trade Examples
- The General Agreement on Tariffs and Trade aims to reduce barriers to international trade.
- Countries must comply with the rules set by the General Agreement on Tariffs and Trade.
- Negotiations under the General Agreement on Tariffs and Trade are usually complex and time-consuming.
- The General Agreement on Tariffs and Trade was established in 1947 to promote trade liberalization.
- Developing countries often face challenges in adhering to the General Agreement on Tariffs and Trade.
- Disputes regarding trade policies can be resolved through the mechanisms provided by the General Agreement on Tariffs and Trade.
- Tariff reductions are a key outcome of agreements made under the General Agreement on Tariffs and Trade.
- Members of the General Agreement on Tariffs and Trade must regularly report on their trade policies and practices.
- The General Agreement on Tariffs and Trade has been succeeded by the World Trade Organization.
- Understanding the provisions of the General Agreement on Tariffs and Trade is essential for businesses engaged in international trade.