General Agreement on Tariffs and Trade (GATT) - Explained
What is the GATT?
Written by Jason Gordon
Updated at March 29th, 2023
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What is the General Agreement On Tariffs And Trade (GATT)?
The General Agreement on Tariffs and Trade (GATT) is a multilateral trade agreement signed by 23 countries for promoting international free trade.
The Council for Trade in Goods (Goods Council), a sub-group in the World Trade Organization, is responisble for administering GATT. The Goods Council has 10 committees dealing with the following topics: agriculture, market access, subsidies, anti-dumping measures, state trading enterpises, etc.
The agreement was signed in Geneva on October 30, 1947, between the 23 nations and it came into effect from January 1, 1948. The purpose of the agreement was to promote international trade of goods, services, and intellectual properties by reducing or eliminating the tariffs, duties, and quotas.
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