What is the GATT Agreement?

The GATT Agreement stands for the General Agreement on Tariffs and Trade and is an international agreement between countries aimed at reducing and eliminating barriers to international trade. This agreement was signed in 1947 and currently has 164 nations involved. In Massachusetts, the GATT Agreement has had a great impact on international trade law. The agreement ensures that the state’s businesses remain competitive in the world market by eliminating trade restrictions and tariffs that can hinder the sales of goods and services. In addition, by leveling the playing field, businesses have been able to expand their markets and develop relationships with foreign buyers. One example of how the GATT Agreement has benefited Massachusetts is in the United States’s outsourcing of manufacturing. With GATT restrictions, the costs of exporting goods to the United States have been greatly reduced, allowing companies in Massachusetts to benefit from the cost savings and increase their output of goods. The GATT Agreement also continues to benefit the Massachusetts economy through the Trade Facilitation and Trade Agreement (TFA) which facilitates trade between countries by streamlining the regulations, customs procedures, and administrative requirements for international trade. This agreement has been beneficial in making it simpler and less expensive to export and import goods from foreign countries and has helped the state’s businesses build stronger relationships with customers abroad. Overall, the GATT Agreement has been an important factor in helping Massachusetts businesses remain competitive in the international market. By reducing barriers to trade, the agreement has been beneficial for business in the state, allowing them to grow and expand into new markets.

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What is the GATT Agreement?

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