Glossary: General Agreement on Tariffs and Trade (GATT)

DEFINITION:
An intergovernmental agency related to the United Nations and headquartered in Geneva, GATT was established in 1948 as a multilateral treaty with the aim of liberalizing and stabilizing world trade. GATTs fundamental principles include nondiscriminatory trade among members, protection of domestic trade through the customs tariff, and agreement on tariff levels through negotiations among the contracting parties. The Uruguay Round of major multilateral trade negotiations, the eighth such round of negotiations, began at Punta del Este in September 1986 and was still underway at the end of 1991.

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