GATT full form

GATT :- General Agreement on Tariff and Trade

GATT stands for General Agreement on Tariff and Trade. GATT was basically established as an arrangement of the legal agreement between participating countries to eliminating and reduces tariff barriers between countries with the view to promote international trade. Situated in Geneva, Switzerland, it was signed as the multilateral treaty by 23 nations on October 30, 1947. Establishment and creation of World Trade Organization (WTO) with 75 existing members and European communities, GATT brought significant changes by including new legislation and obligations on its signatories. WTO is an institutional body under which GATT stands as a listed set of rules unanimously agreed upon by al member nations. Currently, under WTO, GATT has a total of 164 members including Liberia and Afghanistan being the nascent ones. GATT has facilitated a rapid and productive growth of world trade by establishing and bringing into the structure a set of procedures thereby supporting and maintaining coherent trade policy environment, consequently improving the livelihood of millions of people all across the world.

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