What is the GATT Agreement?

The General Agreement on Tariffs and Trade (GATT) is an international trade agreement, first signed by 23 countries in Geneva, Switzerland in 1947, that aimed to reduce tariffs and other trade barriers and promote global trade. Under the agreement, countries agreed to reduce their import duties and eliminate quotas and other non-tariff barriers to trade. The agreement also provided for regular negotiations to reduce further trade barriers. The GATT agreement was updated and replaced in 1995, when the World Trade Organization (WTO) was launched. The WTO consolidated and expanded on the principles of the GATT agreement, and it now covers a much broader range of trade issues. These include reducing tariffs and quotas and providing protection for intellectual property rights. The WTO also provides a forum for resolving trade disputes. The GATT agreement has been successful in reducing trade barriers and increasing global economic growth. However, some argue that the agreement has failed to address certain issues, such as labor rights and sustainable development. Critics also argue that the agreement gives too much power to large corporations, allowing them to exploit workers and the environment in developing countries. The GATT agreement is still relevant today and has been an important tool for increasing international trade and economic growth. As countries continue to negotiate and update the agreement, it is important to consider the implications of the agreement for all countries involved, especially those in developing countries.

Related FAQs

What is the most commonly used method to calculate import/export prices?
What is the World Trade Organization (WTO)?
What is currency manipulation and how does it affect international trade?
What is the role of the WTO in setting standards for international trade?
What is the role of the International Chamber of Commerce in international trade?
What are the key differences between Customs and Tariff laws?
What is the most effective way to ensure that a country complies with its international trade obligations?
What are the key principles of international trade law?
What are the implications of the WTO Agreement on Agriculture?
What is the impact of trade on the environment?

What is the GATT Agreement?

Related FAQs

Related Blog Posts