General Agreement on Tariffs and Trade

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) GATT
(hypernym) United Nations agency, UN agency

A treaty adopted by the United Nations aimed at eliminating international trade barriers between member countries.

An agreement originally negotiated in Geneva, Switzerland in 1947 to increase international trade by reducing tariffs and nontariff trade barriers. The agreement provides a code of conduct for international commerce and a framework for periodic multilateral negotiations on trade liberalization and expansion. The Uruguay Round Agreement (resulting from negotiations that stretched from 1986 through 1993 among over 100 nations) established the World Trade Organization (WTO) to replace the institutions created by the GATT. The WTO officially replaced the GATT institutions on January 1, 1995. The WTO administers the GATT 1947, the revisions in GATT resulting from the Uruguay Round negotiations (GATT 1994), dispute resolution among WTO member countries, and various agreements resulting from other previous multilateral trade negotiations.