GATT
Definition
The General Agreement on Tariffs and Trade — a 1947 multilateral treaty that gradually reduced trade barriers. Replaced by the WTO in 1995.
Example
Eight GATT rounds cut average industrial tariffs from ~40% in 1947 to under 5%.
The General Agreement on Tariffs and Trade — a 1947 multilateral treaty that gradually reduced trade barriers. Replaced by the WTO in 1995.
Eight GATT rounds cut average industrial tariffs from ~40% in 1947 to under 5%.