General Agreement On Tariffs And Trade (GATT) Legal Meaning and Definition

Here is a simplified definition of the legal term General Agreement On Tariffs And Trade (GATT).

General Agreement on Tariffs and Trade (GATT) (noun): An international treaty, established in 1947 in Geneva, Switzerland, aiming to lower import and export tariffs and to reduce other trade barriers. The enforcement of this treaty is managed by the World Trade Organization (WTO).