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Simple English definitions for legal terms

General Agreement on Tariffs and Trade (GATT)

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A quick definition of General Agreement on Tariffs and Trade (GATT):

The General Agreement on Tariffs and Trade (GATT) is a legal agreement that was signed by 23 countries in 1947. Its goal was to reduce trade barriers and tariffs to help boost the global economy after World War II. The GATT has functioned as an organization and has completed eight rounds of negotiations. The most recent round, the Doha Development Round, began in 2001 and is still ongoing. In 1994, the GATT reached an agreement among 117 countries, which led to the creation of the World Trade Organization (WTO). The WTO enforces the GATT agreement and currently has 164 members. The GATT has helped to lower tariff rates among participating countries from an average of 22% in 1947 to under 5% after 1994.

A more thorough explanation:

The General Agreement on Tariffs and Trade (GATT) is a legal agreement that was first signed by 23 countries in 1947. The purpose of the agreement was to reduce trade barriers and increase international trade, which would help boost the global economy after World War II.

The GATT has functioned as an organization, with eight rounds of negotiations completed so far. The most recent round, the Doha Development Round, began in 2001 and is still ongoing. In 1993, the GATT reached an agreement among 117 countries, including the United States, in what was called the Uruguay Round. This agreement created the World Trade Organization (WTO), which enforces the GATT and oversees international trade.

The GATT has been successful in lowering tariff levels among participating countries. In 1947, the average tariff rate among GATT participants was 22%. By 1994, after the Uruguay Round, the average tariff rate had dropped to under 5%.

For example, if a country had a 10% tariff on imported cars before joining the GATT, they would have to lower that tariff to a certain agreed-upon level in order to participate in the agreement. This would make it easier and cheaper for other countries to export cars to that country, which would increase international trade and benefit the global economy.

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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