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Overview

The General Agreement on Tariffs and Trade was what became of colaborative government's attempt to create the International Trade Organization.

The GATT organization was founded in April 1947, in the territory including Geneva, Switzerland, and it included 23 countries at the time of conception. It involved 45,000 tariff concessions affecting $10 billion of world trade, and it lasted for about 48 years until January 1st, 1995, with the creation of the World Trade Organization


GATT history can be broken down into three different phases. The three phases consist of, first, the span from 1947 until 1951 which had involved 38 different countries. The Torquay Round was set to protect countries involved by freezing existing tariff levels. The second phase was based on having tariffs reduced, this was between the years 1959 to 1979. Last but not least the third phase, this is finally when the WTO was officially born. This was due to the Uruguay Round from the year 1986 to 1994. The agreement was extended fully to services, capital, intellectual property, and agriculture these were new areas to the agreement.


The Gross National American Debt:(USD)

Q| What is it?
A| GATT is an agreement between a multitude of nations set to govern international trade. GATTs main goal was to provide a means of negotiating trade issues as well as creating a framework for guiding and regulating the conduit of trade. GATT still exists, and consists of about 125 nations. GATT stands for equality, and nondiscrimination, and pursue these ideals through providing the opportunity of safe, regulated trade, which in turn benefits all parties involved.

Q| What was the event that initiated it?
A| Following the events of WW2, GATT was created so that counties of the world could unite in a world-trade environment, and the world's economy would be given the opportunity to flourish, without the need of a war economy for stimulation.

Q| When was it initiated?
A| It was initied in April, 1947 in the city of Geneva, Switzerland. In the United States, it was classified as a congressional-executive agreement.

Q| What issue(s) was it created to solve?
A| It was created to solve the issue of tariff barriers and reduction in world trade post WW2.

Q| What are the outcome(s)?
A| Because first world countries weren't willing to obey the treaty rules, the outcome was that in which GATT had to eventually be reformed, and a newer more equal organization that was classified higher than a treaty had to be created to look out for the best interests of human rights, worldwide.

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Sources: Gatt @ Wiki ; YouTube ; Ladas Intellectual Property ; StudyWorld ; Samsa Fiddling ;