1. GATT - Noun
2. GATT - Proper noun
a United Nations agency created by a multinational treaty to promote trade by the reduction of tariffs and import quotas
Source: WordNetNAFTA and GATT have about as much to do with free trade as the Patriot Act has to do with liberty. Michael Badnarik
Adding a multilateral "most-favored-nation" component to that of reciprocity, the GATT served as a framework for the gradual reduction of tariffs over the subsequent half century. citation. Source: Internet
Although it was designed to serve multilateral agreements, during several rounds of GATT negotiations (particularly the Tokyo Round) plurilateral agreements created selective trading and caused fragmentation among members. Source: Internet
After World War II, the GATT brought tariffs roughly from 50% down to about 4% or less today. Source: Internet
GATT was signed by 23 nations in Geneva on October 30, 1947 and took effect on January 1, 1948. Source: Internet
Bipartisan agreement in Washington in favor NAFTA, GATT, and other multilateral trade deals were never popular with American industrial workers. Source: Internet