GATT: General Agreement on Tariffs and Trade
The full form of GATT is General Agreement on Tariffs and Trade. The General Agreement on Tariffs and Trade (GATT) aimed to boost economic recovery after World War II, through the reconstruction and liberalization of world trade. It was a legal agreement to minimize barriers to international trade, eliminating or reducing quotas, tariffs and subsidies, while preserving important regulations. The GATT was signed by 23 countries in Geneva on October 30, 1947, and entered into force on January 1, 1948. The average tariff levels for the main GATT participants were around 22% in 1947. After the Uruguay Round, tariffs were less than 5%.
- New Zealand
- Southern Rhodesia
- South Africa
- United Kingdom (UK)
- United States (US)
The GATT was first discussed during the United Nations Conference on Trade and Employment and was the result of the failure of government negotiations to create the International Trade Organization (ITO). The WTO is the successor to the GATT, and the original GATT text (GATT 1947) is still in force within the scope of the WTO, subject to the GATT 1994 amendments. The council has 10 committees that address issues such as market access, agriculture, subsidies, and anti-dumping measures.