General Agreement On Tariffs And Trade | Estateplanning

The General Agreement on Tariffs and Trade (GATT) was a landmark international trade agreement aimed at reducing trade barriers and promoting free trade among its signatory countries. Established in 1947 and applied provisionally from 1948, GATT played a crucial role in shaping the global trade landscape until its successor, the World Trade Organization (WTO), took over in 1995. With 123 nations signing the agreement, GATT's impact was felt across various sectors, influencing trade policies, economic growth, and international relations. The agreement's core principles, including reciprocity and mutual advantage, guided its operations, while its provisions addressed tariffs, quotas, and other trade barriers. As a precursor to the WTO, GATT laid the groundwork for modern international trade governance, with its legacy continuing to influence global trade negotiations and agreements, such as the [[uruguay-round|Uruguay Round]] and the [[doha-round|Doha Round]]. The GATT's significance is also reflected in its connection to other international organizations, including the [[united-nations|United Nations]] and the [[world-trade-organization|World Trade Organization]].