GATT

Legal Definition of GATT

Acronym

1. Multilateral international treaty first created in 1947 and frequently amended (most recently in 1994) to which 125 countries subscribe. GATT provides for fair trade rules and the gradual reduction of tariffs, duties and other trade barriers. The 1994 amendment created a World Trade Organization, which oversees the implementation of the GATT.

See also

• General Agreement on Tariffs and Trade