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GATT

GATT Definition

General Agreement On Tariffs And Trade – GATT was an organization of the United Nations. Purpose of the treaty was to facilitate international trade mainly by reducing tariff levels on various commodities. GATT was formed in 1949 and lasted until 1993, then it was superseded by the World Trade Organization. The original text of the agreement made in 1947 is still in effect under the WTO framework, subject to the modifications of 1994.





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