What is the GATT Agreement?

The General Agreement on Tariffs and Trade (GATT) was an international agreement signed in 1947 that required signatories to reduce and eliminate tariffs and other barriers to trade between countries. GATT was designed to promote economic growth and development around the world and to reduce international conflict by creating a uniform system of rules and regulations governing international trade. The agreement was modified and updated periodically, with the latest version being the Uruguay Round, which was adopted in 1994. In North Carolina, GATT is an important agreement in international trade law. GATT sets out specific rules and regulations that govern the import and export of goods between signatory nations. It requires signatories to reduce tariffs and other trade barriers, agrees to refrain from practices that would limit trade or create unfair advantages, and establishes a mechanism to resolve disputes over international trade. Additionally, GATT provides access to consultation opportunities for nations that wish to discuss any trade-related issues. Overall, the GATT Agreement is an important international trade law that helps to promote economic growth, reduce international conflict, and establish rules and regulations for international trade. The agreement provides countries with the ability to negotiate their own trade agreements while simultaneously establishing a base of common regulations that all signatories must abide by. In North Carolina, GATT is an important agreement that must be taken into consideration when conducting international trade.

What is the GATT Agreement?

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