General Agreement on Tariffs and Trade (typically abbreviated GATT) functioned as the precursor to the World Trade Organization trading system. GATT was created by the Bretton Woods meetings that took place in Bretton Woods, New Hampshire, in 1944, setting out a plan for economic recovery after World War II, by encouraging reduction in tariffs and other international trade barriers. Twenty-three nations signed the agreement. This first version of GATT is referred to as "GATT 1947". In 1994, GATT was updated with new obligations upon its signatories. One of the most significant changes made in GATT (or "GATT 1994") was the creation of the World Trade Organization (WTO). 75 of the GATT members and the European Communities are the founding members of

The GATT, as an international agreement, is very similar to a treaty. Under United States law it is classed as a congressional-executive agreement. It is based on the "unconditional most favored nation principle." This means that the conditions applied to the most favored trading nation (i.e. the one with the least restrictions) apply to all trading nations.

"Rounds" of GATT trade negotiations

The countries who signed GATT

1. Geneva Round (1948): 23 countries. GATT enters into force.
2. Annecy Round (1949): 13 countries.
3. Torquay Round (1951): 38 countries.
4. Fourth Round - Geneva(1956): 26 countries. Tariff reductions. Strategy set for future GATT policy toward developing countries, improving their positions as treaty participants.
5. Dillon Round (1962): 26 countries. Tariff reductions. Named after C. Douglas Dillon, then U.S. Undersecretary of State.
6. Kennedy Round (1967): 62 countries. Tariff reductions. This was an across-the-board reduction rather than a product-by-product specification, for the first time. Anti-dumping agreement (which, in the United States, was rejected by Congress).
7. Tokyo Round (1979): 102 countries. Reduced non-tariff trade barriers. Also reduced tariffs on manufactured goods. Improvement and extension of GATT system.
8. Uruguay Round (1993): 125 countries. Created the World Trade Organization to replace the GATT treaty. Reduced tariffs and export subsidies, reduced other import limits and quotas over the next 20 years, agreement to enforce patents, trademarks, and copyrights (TRIPS), extending international trade law to the service sector (GATS) and open up foreign investment.

See also

• List of international trade topics Общо споразумение за Тарифите и Търговията (ГАТТ)

General Agreement on Tariffs and Trade Accord général sur les tarifs douaniers et le commerce 관세 및 무역에 관한 일반협정 General Agreement on Tariffs and Trade Генерален Договор за Трговија и Царини General Agreement on Tariffs and Trade 関税および貿易に関する一般協定 GATT Acordo Geral de Tarifas e Comércio GATT Hiệp ước chung về thuế quan và mậu dịch GATT