General Agreement on Tariffs and Trade (GATT) 1
General Agreement on Tariffs and Trade (GATT) 1 : Established under the UN to develop rules governing international trade. Founded on liberal principles of free trade, its main objectives are to reduce and eliminate tariff barriers and to provide a forum in which states can mediate disputes and negotiate a more open system of trade. In 1995 the GAIT' was replaced by the World Dade Organization (Wit)