General Agreement on Tariffs and Trade (GATT) is a multilateral trade agreement that was signed in 1947 with the objective of promoting international trade by reducing or eliminating trade barriers such as tariffs. The GATT was replaced in 1995 by the World Trade Organization (WTO), which continued the same objective through negotiations and agreements among member nations.

If you want to understand the GATT more deeply, you can use various resources available on the internet, including the popular study platform, Quizlet. Quizlet is an online resource that allows users to create, share, and learn from flashcards, quizzes, and other study tools. In this article, we will take a closer look at the GATT definition provided by Quizlet.

What is GATT on Quizlet?

According to Quizlet, GATT is defined as a “multilateral agreement that aims to reduce or eliminate barriers to international trade through the reduction of tariffs, quotas, and other trade restrictions.” This definition gives a clear understanding of the purpose of the GATT. It emphasizes that the agreement aimed to promote international trade by reducing or removing obstacles that hindered the free flow of goods and services among member nations.

What are the key features of GATT on Quizlet?

Quizlet also highlights the key features of the GATT that made it a successful multilateral trade agreement. These features are:

1. Most favored nation (MFN) status: According to Quizlet, the GATT granted MFN status to member countries. This means that each member nation of the GATT agrees to treat all other member nations equally. In other words, any trade concession given to one member would automatically apply to all other members as well.

2. Reduction of tariffs: The GATT aimed to reduce or eliminate tariffs on traded goods. Tariffs are taxes imposed on imported or exported goods, and their reduction or elimination would increase the free flow of goods across borders.

3. Non-discrimination: Quizlet emphasizes that the GATT prohibited discrimination in trade among member nations. This means that member nations could not use discriminatory measures such as quotas or other trade barriers to favor their own domestic industries.

4. Dispute resolution: Quizlet notes that GATT had a dispute settlement mechanism to resolve trade disputes between member nations. The mechanism allowed for peaceful and efficient resolution of trade disputes, which helped promote international trade.

Conclusion

In conclusion, the Quizlet definition of GATT provides a clear and concise explanation of the agreement`s purpose and features. The General Agreement on Tariffs and Trade was a landmark achievement in the history of international trade, and its successor, the World Trade Organization, continues to build upon its legacy. By studying the Quizlet definition of GATT, you can gain a better understanding of this historic agreement and its impact on global trade.