The General Agreement on Tariffs and Trade was signed by 23 countries in Geneva in 1947 and its tariff concessions entered into effect on 30 June 1948, as a multilateral framework for reducing tariffs and other trade barriers. It governed international trade through eight negotiating rounds over nearly five decades, administered from Geneva, until the Uruguay Round created the World Trade Organization, which absorbed and superseded it on 1 January 1995.
Facts
Founding YearSigned in Geneva in 1947; tariff concessions entered into effect 30 June 1948. Headquarters Geography
Country or Jurisdiction ServedWikidata Q194284, property P17 (country). Classification
Institution SubtypeInternational Financial Institution 1 Connections
Associated With
GATT governed international trade negotiations from 1947 until the Uruguay Round created the WTO, which absorbed and superseded it on 1 January 1995.
Source Understanding the WTO: The GATT Years
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Sources
1. Understanding the WTO: The GATT Years
World Trade OrganizationGATT: 'provisional' for almost half a century
The group had expanded to 23 by the time the deal was signed on 30 October 1947.
Introduction, institution-subtype
The General Agreement on Tariffs and Trade was signed by 23 countries in Geneva in 1947 and its tariff concessions entered into effect on 30 June 1948, as a multilateral framework for reducing tariffs and other trade barriers.
- Associated With: World Trade Organization
2. Wikidata
Wikimedia Foundation
Wikidata: General Agreement on Tariffs and Trade
Wikidata Q194284, class allow-list match (w-wdresolver-0926)View the Source Wikipedia
Wikimedia FoundationAssociated With: United Nations Conference on Trade and Development, Introduction (GATT reference)Quote, Associated With: United Nations Conference on Trade and Development, Introduction (GATT reference)
It was created in response to concerns among developing countries that existing international institutions like GATT (since replaced by the World Trade Organization), the International Monetary Fund (IMF), and the World Bank were not properly organized to handle the particular problems of developing countries; UNCTAD would provide a forum where developing nations could discuss and address problems relating to their economic development.
General Agreement on Tariffs and Trade (Wikipedia)
In Group: Global Economic and Monetary Organizations, LeadQuote, In Group: Global Economic and Monetary Organizations, Lead
The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.
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