General Agreement on Tariffs and Trade

Period

1947

Region

Europe

Category

Politics

The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis".

Sources: Wikipedia — General Agreement on Tariffs and Trade · CC BY-SA 4.0