Difference between revisions of "General Agreement on Tariffs and Trade"
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In 1995 the [[WTO]] replaced GATT. | In 1995 the [[WTO]] replaced GATT. | ||
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Revision as of 21:04, July 19, 2007
The General Agreement on Tariffs and Trade (GATT) was formed in 1947 to promote economic recovery after World War II by reducing tariffs and trade quotas and subsidies.
From 1947 until 1959 (the Torquay round), existing tariffs were frozen with respect to listed commodities. From 1959 to 1979, the parties to GATT reduced tariffs. From 1986 to 1994 (the Uruguay round), the parties expanded the agreement to include agriculture, intellectual property, capital and services.
In 1995 the WTO replaced GATT.