General Agreement On Tariffs And Trade (GATT)

Business / Agriculture / General Agreement On Tariffs And Trade (GATT): An agreement originally negotiated in Geneva, Switzerland in 1947 to increase international trade by reducing tariffs and nontariff trade barriers. The agreement provides a code of conduct for international commerce and a framework for periodic multilateral negotiations on trade liberalization and expansion. The Uruguay Round Agreement (resulting from negotiations that stretched from 1986 through 1993 among over 100 nations) established the World Trade Organization (WTO) to replace the institutions created by the GATT. The WTO officially replaced the GATT institutions on January 1, 1995. The WTO administers the GATT 1947, the revisions in GATT resulting from the Uruguay Round negotiations (GATT 1994), dispute resolution among WTO member countries, and various agreements resulting from other previous multilateral trade negotiations.

Other Words for Agreement

Agreement Noun Synonyms: understanding, covenant, treaty, pact, accord, compact, settlement, concordat, contract, bargain, deal
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Other Words for General

General Adjective Synonyms: mixed, assorted, miscellaneous, heterogeneous, encyclopedic or encyclopaedic, diversified, extended, broad, comprehensive, inclusive, all-inclusive, non-exclusive, overall, blanket, across the board, sweeping, panoramic, catholic, composite, combined
General Noun Synonyms: common, prevailing, accepted, popular, public, communal, community, widespread, shared, extensive, prevalent, universal, worldwide, global, comprehensive, inclusive, all-inclusive, non-exclusive, overall, unrestricted
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Other Words for Trade

Trade Noun Synonyms: exchange, swap or swop, interchange, switch, barter, return
Trade Adjective Synonyms: commerce, business, traffic, exchange, barter, dealing(s), buying and selling, merchandising, marketing, mercantilism, truck
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World Trade Organization (WTO)

Business / Agriculture / World Trade Organization (WTO): The international organization established by the Uruguay Round of multilateral trade negotiations to oversee implementation of the General Agreement on Tariffs and Trade and the agreements arising fr MORE

Multilateral Trade Negotiations (MTN)

Business / Agriculture / Multilateral Trade Negotiations (MTN): Negotiations between General Agreement on Tariffs and Trade (GATT) member nations that are conducted under the auspices of the GATT and that are aimed at reducing tariff and nontariff trade barriers. MORE

Most-Favored-Nation Treatment (MFN)

Business / Agriculture / Most-Favored-Nation Treatment (MFN): A commitment that a country will extend to another country the lowest tariff rates it applies to any third country. MFN is a basic principle of the General Agreement on Tariffs and Trade (GATT) (1947) MORE

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