GATT
Postwar trade accord
GATT is the General Agreement on Tariffs and Trade, an international treaty established in 1947 to reduce trade barriers and promote free commerce among nations.
It governed global trade for nearly fifty years before being absorbed into the World Trade Organization in 1995.
References to GATT often appear in discussions of trade policy and economic history: The GATT negotiations reduced tariffs significantly.
South American republic
- KennedyIrish-origin surname, political dynasty
- TokyoJapan's capital city
- DillonIrish family name
- GenevaSwiss seat of diplomacy
Torquay · Doha · negotiations · talks · multilateral · concessions · bargaining · deadlock
Binding pact between nations
- accordHarmony between parties
- pactFormal agreement between parties
- protocolPrescribed conduct rules
- conventionAgreed standard of behavior
charter · ratification · signatories · provisions · articles · clauses · amendment · consensus
Things for sale
- merchandiseCommercial products offered
- commoditiesTradeable raw materials
- commerceExchange of goods, services
- liberalizationReducing state economic controls
barriers · restrictions · quantitative · safeguards · reciprocity · nondiscrimination · transparency · textiles
Traditional practices or import taxes
- dutyRequired moral task
- importObtain from overseas
- exportForeign-bound sale
- levyCompulsory government charge
specific · schedule · concession · classification · escalation · peak · reduction · binding
Administrative office of organization
Distinct flat section
- rulingFormal legal determination
- nullificationFormal cancellation of validity
- impairmentDiminished function or capacity
- retaliationPunitive response to injury
consultation · arbitration · compliance · countermeasures · complaint · respondent · appellate · findings
Uruguay
South American republic
Geneva · Torquay · Doha · negotiations · talks · multilateral · concessions · bargaining · deadlock · compromise
treaty
Binding pact between nations
convention · charter · ratification · signatories · provisions · articles · clauses · amendment · consensus · settlement
goods
Things for sale
- merchandiseCommercial products offered
- commoditiesTradeable raw materials
- commerceExchange of goods, services
liberalization · barriers · restrictions · quantitative · safeguards · reciprocity · nondiscrimination · transparency · textiles · agriculture
customs
Traditional practices or import taxes
levy · specific · schedule · concession · classification · escalation · peak · reduction · binding · ceiling
secretariat
Administrative office of organization
WTO · observer · membership · accession
panel
Distinct flat section
- rulingFormal legal determination
- nullificationFormal cancellation of validity
- impairmentDiminished function or capacity
retaliation · consultation · arbitration · compliance · countermeasures · complaint · respondent · appellate · findings · recommendations
- tradetrade balance, free trade, trade barriers, customs, trade deficit
- modern economicsGDP, GDP growth, recession, inflation, interest rates
- Government AcronymsCIA, FBI, EPA, IRS, DOJ
- postwar eraMarshall Plan, prosperity, reconstruction, Cold War, iron curtain
- Postwar OrganizationsUnited Nations, World Bank, IMF, UNESCO, WHO
- trade agreementstrade pacts, trade treaties, free trade agreements, NAFTA, USMCA
GATTprotectionism
Shielding local producers
trade barriers · tariffs · economic nationalism · import quotas · trade war