General Agreement on Tariffs and Trade


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Related to General Agreement on Tariffs and Trade: International Monetary Fund, World Trade Organization

General Agreement on Tariffs and Trade

The General Agreement on Tariffs and Trade (GATT) originated with a meeting of 22 nations meeting in 1947 in Geneva, Switzerland. By 2000, there were 142 member nations, with another 30 countries seeking admission. The detailed commitments by each country to limit tariffs on particular items by the amount negotiated and specified in its tariff schedule is the central core of the GATT system of international obligation.

The obligations relating to the tariff schedules are contained in Article II of GATT. For each commodity listed on the schedule of a country, that country agrees to charge a tariff that will not exceed an amount specified in the schedule. It can, if it wishes, charge a lower tariff.

The World Trade Organization (WTO) heavily influences the workings of the GATT treaties through the efforts of various committees. Representatives of member countries of the WTO comprise the Council for the Trade in Goods (Goods Council), which oversees the work of 11 committees responsible for overseeing the various sectors of GATT. The committees focus on such issues as agriculture, sanitary measures, subsidies, customs valuation, and rules of origin.

Further readings

Bagwell, Kyle. 2002. The Economics of the World Trading System. Cambridge, Mass.: MIT Press.

Cross-references

Commodity; Tariff.

General Agreement on Tariffs and Trade

abbreviation for GATT.
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Topping the list of issues for Starr is the repeal of the North American Free Trade Agreement and the General Agreement on Tariffs and Trade.
The glossary defines both commonly used and arcane terms reflecting recently ratified international tax laws such as transfer pricing regulations and the North American Free Trade Agreement as well as terms used to reflect pending legislation such as the General Agreement on Tariffs and Trade.
Those meetings set in motion a process that led to the establishment of the General Agreement on Tariffs and Trade in 1948, which, in tam led to the creation of the World Trade Organization in the mid-1990s.
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As the Clinton administration scrambles to finance the estimated $12 billion in lower tariff collections under the General Agreement on Tariffs and Trade, its proposed inventory tax accounting changes have come under heavy fire.
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