fbpx

Speed Commerce

What Is General Agreement on Tariffs and Trade (GATT)?

3PL Glossary > General Agreement on Tariffs and Trade (GATT)

General Agreement on Tariffs and Trade (GATT) Definition | TLDR

The General Agreement on Tariffs and Trade (GATT) is a multilateral trade agreement aimed at promoting international trade by reducing tariffs, quotas, and trade barriers among member countries, serving as the foundation for the World Trade Organization (WTO).

General Agreement on Tariffs and Trade (GATT) Meaning

The General Agreement on Tariffs and Trade (GATT) was a multilateral treaty established in 1947 with the primary objective of promoting international trade by reducing or eliminating barriers to commerce. GATT was created in the aftermath of World War II as a foundational framework for fostering economic cooperation and preventing the return of protectionist trade policies that were seen as contributing to the global economic downturn during the 1930s. The agreement aimed to create a more open and predictable international trading system.

What Were the Disadvantages of GATT?

Let's Get Started!

A fulfillment expert will get back to you within 1-2 business days.

What We Do

Our Solutions

Speed Commerce is a leader in eCommerce services for retailers and manufacturers. We provide outsourced services for our clients. To learn more, watch this short video. 

The General Agreement on Tariffs and Trade (GATT) was a multilateral treaty established in 1947 with the primary objective of promoting international trade by reducing or eliminating barriers to commerce. GATT was created in the aftermath of World War II as a foundational framework for fostering economic cooperation and preventing the return of protectionist trade policies that were seen as contributing to the global economic downturn during the 1930s. The agreement aimed to create a more open and predictable international trading system.

GATT played a pivotal role in the post-war economic order and laid the groundwork for the establishment of the World Trade Organization (WTO) in 1995. The Uruguay Round, the final round of GATT negotiations, concluded with the creation of the WTO, which incorporated and expanded upon the principles of GATT. The WTO continues to oversee international trade agreements and dispute resolution mechanisms, carrying forward the legacy of GATT in promoting global economic cooperation and reducing trade barriers.

FAQs

No. While GATT was in effect from 1947 to 1994, it was replaced by the World Trade Organization (WTO) in 1995. The WTO incorporates and builds upon the principles of GATT, serving as the current international organization overseeing trade agreements and dispute resolution.

No. GATT began with a limited number of original signatory countries. Over time, membership expanded through accession processes, and by the end of its tenure, GATT had numerous member countries. However, not all countries were initially part of the agreement, and participation varied throughout its existence.

Yes. GATT played a vital role in laying the foundation for the WTO. The Uruguay Round of GATT negotiations, concluded in 1994, led to the establishment of the WTO in 1995. The WTO inherited and expanded upon the principles and agreements of GATT.

Get Started Today!

REQUEST A QUOTE

Once your request is submitted, a fulfillment expert will get back to you within 1-2 business days.

Let's Get Started

A fulfillment expert will get back to you within 1-2 business days.