General Agreement on Tariffs and Trade - GATT

'''General Agreement on Tariffs and Trade - GATT '''

definition          From 1947 until 1995, an international organization with a mandate to reduce protection and promote free trade among nations. Many barriers to trade- import tariffs, import quotas, and others- were reduced during its eight rounds of international negotiations. Issues discussed during the last round of GATT negotiations, in Uruguay (1986-94), included reducing government restrictions on foreign investment and on trade in services such as banking, insurance, transport, tourism, and telecommunications. In 1995 GATT was succeeded by the World Trade Organization (WTO).

http://www.worldbank.org/depweb/beyond/global/glossary.html