Definition

Proper noun: - A historical international treaty and organization: The General Agreement on Tariffs and Trade (GATT) was a multilateral treaty and the de facto international organization established to promote international trade by reducing or eliminating trade barriers such as tariffs and quotas. It was superseded by the World Trade Organization (WTO) in 1995.

Usage

• The term "General Agreement on Tariffs and Trade" is used as a singular proper noun to refer to the specific treaty and the organization that administered it.
• It is commonly abbreviated as GATT.

Examples

Advanced Usage

• "The GATT system": Refers to the entire framework of rules and procedures established by the treaty.
  • The dispute was settled according to the rules of the GATT system.
• "GATT rules" or "GATT provisions": Refers to the specific articles and regulations within the treaty.
  • The policy was found to be in violation of GATT rules.

Variants and Related Words

• GATT: The standard and universally recognized acronym.
• WTO (World Trade Organization): The international organization that succeeded GATT.
• Multilateral trade agreement: A general term for treaties like GATT involving multiple nations.

Synonyms

• International trade treaty
• Multilateral trade pact

Related Terms and Concepts

• Uruguay Round: The final round of GATT negotiations which led to the creation of the WTO.
• Most-favored-nation (MFN): A core principle of GATT requiring that trade concessions granted to one member be granted to all members.
• Trade liberalization: The central goal of GATT, meaning the reduction of trade restrictions.

Noun

1. a United Nations agency created by a multinational treaty to promote trade by the reduction of tariffs and import quotas