Glossary term
General Agreement on Tariffs and Trade
The 1947 agreement that established multilateral tariff rules, now administered within the WTO framework.
The multilateral agreement concluded in 1947 that set the ground rules for tariffs and trade between its signatories, including most-favoured-nation treatment and national treatment.
It was superseded institutionally by the World Trade Organization in 1995, but GATT itself was not repealed: it survives as one of the covered agreements, which is why it is still cited. Abbreviated GATT.