description GATT (1947) Overview
The GATT, established in 1947, represented a foundational agreement on international trade. It fostered multilateral reductions in tariffs and other barriers between its initial 23 member nations. This treaty significantly shaped global commerce for almost half a century before being replaced by the World Trade Organization. It remains relevant as the predecessor to modern trade rules and is particularly important for economists, historians studying trade policy, and those researching international relations.
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GATT (1947) ranks #18 of 159 in the Treaty ranking, behind Treaty of Vienna (1815), ahead of Treaty of Paris (1783).
help GATT (1947) FAQ
What did the General Agreement on Tariffs and Trade (GATT) primarily aim to achieve?
The GATT, established in 1947, aimed to substantially reduce tariffs and other trade barriers between its 23 original member nations. Its overarching goal was to stimulate global economic recovery following World War II.
What was the "most-favored-nation" principle established by GATT?
The most-favored-nation (MFN) clause required that any trade advantage granted by one GATT member to another must be immediately extended to all other members. This principle ensured non-discriminatory trade practices among participating countries.
What replaced the GATT in 1995?
The World Trade Organization (WTO) officially replaced the GATT framework on January 1, 1995. Unlike GATT, the WTO was a formal international organization with a much broader mandate covering services and intellectual property.
How many "rounds" of trade negotiations occurred under GATT?
There were eight major rounds of trade negotiations conducted under GATT, with the final one being the Uruguay Round from 1986 to 1994. The Uruguay Round was the most comprehensive and directly led to the creation of the WTO.
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