The General Agreement on Tariffs and Trade (GATT)

The General Agreement on Tariffs and Trade (GATT), signed in 1947 by 23 countries, was a treaty aimed at promoting international trade by reducing or eliminating trade barriers such as tariffs or quotas. After the Uruguay Round of Multilateral Trade Negotiations (1986-1994), the newly created WTO incorporated and extended GATT as one of its multilateral agreements on trade in goods, this time signed by 128 countries and referred to as GATT 1994.