This refers to the General Agreement on Tariffs and Trade.
GATTwas established in 1947 in order to overcome significant international barriers to trade which existed at the time. It instituted a rule-based multilateral system for trade in both goods and services through a series of negotiations (called ’rounds’). In 1995 GATT was replaced by World Trade Organization (WTO).
GATT is a term normally found in business economics and financial management.
Explore our learning zone to discover more