gatt
Proper noun A United Nations agency created by a multinational treaty to promote international trade by the reduction of tariffs and import quotas. It was the predecessor to the World Trade Organization (WTO).
"GATT" is used as a proper noun to refer specifically to this historical international agreement and institution. It is typically used in formal, academic, or historical contexts related to economics, trade policy, and international relations.
- The principles established under GATT formed the basis for modern international trade law.
- Several rounds of negotiations were held under GATT to reduce trade barriers.
- The Uruguay Round of talks led to the creation of the WTO, which replaced GATT in 1995.
- "The GATT framework": Refers to the entire system of rules and principles established by the agreement.
- Disputes were settled according to the GATT framework.
- "A GATT signatory": Refers to a country that was a party to the agreement.
- As a GATT signatory, the country agreed to lower its tariffs.
- WTO (World Trade Organization) (n): The international organization that succeeded GATT, with a broader mandate that includes services and intellectual property.
- Trade agreement (n): A broader term for any pact between nations concerning their trade relationships.
- Tariff (n): A tax imposed on imported goods.
- Import quota (n): A limit on the quantity of a good that can be imported into a country.
- General Agreement on Tariffs and Trade (full name)
"GATT" is an acronym for the General Agreement on Tariffs and Trade. It is important to note that it refers to both: 1. The specific multilateral treaty signed in 1947. 2. The de facto international organization that operated to facilitate trade negotiations and dispute settlement under that treaty until 1995.
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a United Nations agency created by a multinational treaty to promote trade by the reduction of tariffs and import quotas
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