General Agreement on Tariffs and Trade (GATT) 3
General Agreement on Tariffs and Trade (GATT) 3 :
The GATT entered into force on 1 January 1948 as a provisional agreement and remained so until it was superseded as an international organization by the World Trade Organization (WTO) framework on 1 January 1995. It established multilateral obligations for trade in goods, including most-favoured-nation treatment and national treatment, transparency, freedom of transit, antidumping and countervailing duties, customs valuation, import and export fees and formalities, marks of origin, quantitative restrictions, balance-of-payments provisions, subsidies, state trading enterprises, emergency action on imports (safeguards), customs unions and free-trade areas, etc. Part IV of the GATT, added in 1964, exempted developing countries from making reciprocal trade concessions. An updated General Agreement is now one of the WTO's agreements. See: World Trade Organization (WTO)
