What is the General Agreement on Tariffs and Trade (GATT)?

The General Agreement on Tariffs and Trade (GATT) is an international agreement that was first signed in 1947. It is the basis of the global trading system, and it is designed to reduce tariffs and other barriers to international trade. It is supervised by the World Trade Organization (WTO), and all WTO members must adhere to the GATT’s guidelines. GATT is composed of a series of “articles” that set out legal rules governing trade in goods across international borders. These rules apply across all countries and industries and include many provisions such as most-favored nation treatment, national treatment, market access, and subsides. GATT is important to North Dakota because it promotes open and fair trading conditions between the US and other countries. This has helped North Dakota become more economically competitive in the global market and has helped it attract foreign investment. As a member of the WTO, North Dakota is expected to adhere to the GATT’s regulations, and it must comply with the WTO’s dispute settlement process in any trade disputes. GATT is an important part of the global trading system, and it is essential for North Dakota to understand and comply with its regulations in order to continue successful international trade.

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What is the General Agreement on Tariffs and Trade (GATT)?

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