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General Agreement On Tariffs And Trade - GATT

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Definition of 'General Agreement On Tariffs And Trade - GATT'

The GATT is a treaty created following the conclusion of World War II. The General Agreement on Tariffs and Trade (GATT) was implemented to regulate world trade to aide in the economic recovery following the war. GATT's main objective was to reduce the barriers of international trade through the reduction of tariffs, quotas and subsidies.

GATT was formed in 1947 and signed into international law on January 1, 1948. GATT was one of the main features of international trade agreements until it was replaced by the creation of the World Trade Organization (WTO) on January 1, 1995. The foundation for GATT was laid by the proposal of the International Trade Organization in 1945, however the ITO was never completed.

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