General Agreement on Tariffs and Trade (GATT)

Financial News Glossary: General Agreement on Tariffs and Trade (GATT)

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General Agreement on Tariffs and Trade (GATT)

A General Agreement on Tariffs and Trade was signed in 1947 to provide an international forum to encourage free trade, reduce tariffs, and provide a mechanism for resolving trade disputes.

The Uruguay Round Agreements Act was ratified by Congress in 1994 to foster trade by cutting international tariffs, standardizing copyright and patent protection, and liberalizing trade legislation.

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