General Agreement on Tariffs and Trade (GATT)

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

Multilateral international treaty first created in 1947 and frequently amended (most recently in 1994) to which 125 countries subscribe. - (read more on General Agreement on Tariffs and Trade (GATT))
  

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.