GATT

international organization formed to foster international trade by regulating tariffs and reducing harmful trade practices

The General Agreement on Tariffs and Trade (typically abbreviated GATT) was originally created by the Bretton Woods Conference as part of a larger plan for economic recovery after World War II. The GATT's main objective was the reduction of barriers to international trade. This was achieved through the reduction of tariff barriers, quantitative restrictions and subsidies on trade through a series of agreements. The GATT was an agreement, not an organization. Originally, the GATT was supposed to become a full international organization like the World Bank or IMF called the International Trade Organization. However, the agreement was not ratified, so the GATT remained simply an agreement. The functions of the GATT were taken over by the World Trade Organization which was established during the final round of negotiations in the early 1990s.
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Noun
1. a United Nations agency created by a multinational treaty to promote trade by the reduction of tariffs and import quotas
(synonym) General Agreement on Tariffs and Trade
(hypernym) United Nations agency, UN agency

GATT, general agreement on tariffs and trade; international organization formed to foster international trade by regulating tariffs and reducing harmful trade practices

GATT, General Agreement on Tariffs and Trade, international organization formed to foster international trade by regulating tariffs and reducing harmful trade practices