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General Agreement on Tariffs and Trade (GATT)

A treaty adopted by the United Nations aimed at elimination of international trade barriers between member countries.
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General Agreement on Tariffs and Trade

An international treaty, originally written in 1947, intending to establish a framework for international trade, with the goal of the reduction and elimination of tariffs. Its provisions were amended a number of times since its promulgation, but its goals remained the same until 1995, when it was replaced by the World Trade Organization. See also: Doha round.
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Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

General Agreement on Tariffs and Trade (GATT).

A General Agreement on Tariffs and Trade was signed in 1947 to provide an international forum to encourage free trade, reduce tariffs, and provide a mechanism for resolving trade disputes.

The Uruguay Round Agreements Act was ratified by Congress in 1994 to foster trade by cutting international tariffs, standardizing copyright and patent protection, and liberalizing trade legislation.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.


Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson


Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
TSIs need to focus on any difficulties exporters may have had in these areas since GATS came into effect in 1995.
The chief beneficiaries of this new GATS regime are a breed of corporate service providers determined to expand their global commercial reach and to turn public services into private markets all over the world.
However, GATS (as well as World Bank and IMF plans) calls for privatizing the public service sector and allowing foreign firms to compete as service providers.
All GATS members agree to Most Favored Nation (MFN) treatment and transparency.
It singles out the creation of Foundation Hospitals and increasing private sector involvement in education as particularly worrying 'Since the UK signed up to GATS in 1994 it has not produced a single document fully explaining either what the UK is committed to or the implications of its commitments.
* Many other factors influence the accuracy of GAT; attempting to correct for CCT alone could produce a corrected IOP that is further from the true IOP.
measures at issue prohibit the cross-border supply of gambling and betting services in the United States in a manner inconsistent with the GATS. We so decided, not because the GATS denies Members such a right but, rather, because we found, inter alia, that, in the particular circumstances of this case, the measures at issue were inconsistent with the United States' schedules commitments and the relevant provisions of the GATS." (Report 7.4 ).
You can be sure that once these sectors are penetrated, GATS will be expanded to cover all other service jobs and professions: doctors, nurses, dentists, medical and dental technicians, anesthesiologists, veterinarians, chiropractors, beauticians, architects, teachers, financial planners, electricians, stock brokers, etc.
has been distributed widely and has assisted the Council of Trade Unions, NZNO, and other organisations make their submissions on GATS. Unions have called for greater public consultation over GATS, an international treaty that aims to liberalise trade in services, and for the exemption of public services from the agreement.
Service businesses, covering 12 key sectors and including trade in over 150 services essential to any country's economic well-being, have been the focus of the WTO negotiations on its General Agreement on Trade in Services (GATS) for more than three years.
This is why the leaders of the EU must stand up and deliver an unequivocal message that GATS must succeed, not just for the benefit of European firms but also for the good of the poor of the world.