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Simple English definitions for legal terms
General Agreement on Tariffs and Trade
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A quick definition of General Agreement on Tariffs and Trade:
The General Agreement on Tariffs and Trade (GATT) is a big agreement between many countries that helps them trade with each other. It makes it easier for countries to sell things to each other by lowering taxes on imports and making sure everyone has the same opportunities to sell their products. Over 130 countries have agreed to follow these rules.
A more thorough explanation:
The General Agreement on Tariffs and Trade (GATT) is an international agreement signed in 1948. It aims to promote international trade by reducing import duties and providing equal access to markets. More than 130 countries are part of this agreement.
For example, if a country imposes high tariffs (taxes) on imported goods, it makes those goods more expensive for its citizens. GATT encourages countries to lower these tariffs, making it easier and cheaper for businesses to trade with each other. This can lead to more competition, lower prices, and more choices for consumers.
GATT has been replaced by the World Trade Organization (WTO) in 1995, but its principles still guide international trade today.