GATT
Also called: General Agreement on Tariffs and Trade · GATT 1994
The multilateral agreement on trade in goods, first signed in 1947 and incorporated into the WTO as GATT 1994. It contains core rules such as most-favoured-nation treatment, national treatment, bound tariffs and exceptions for customs unions, free trade areas and security.
In practice
MFN duty rates and the legal basis for preferences and trade remedies all trace back to GATT principles.
EU
Türkiye
UK
USARelated terms
- World Trade Organization
- The international organisation that administers multilateral trade agreements, including GATT, the agreements on customs valuation, rules of origin,…
- MFN duty
- The normal duty a WTO member applies to imports from other WTO members unless a preference or special measure applies. In the EU it is called the…
- WTO Customs Valuation Agreement
- The WTO agreement that sets the rules for determining the customs value of imported goods, with transaction value as the primary method and a…
- Customs union
- An arrangement in which members remove duties between themselves and apply a common external tariff to the rest of the world. Goods in free…