What does GAT mean in GENERAL
GAT stands for General Agreement on Tariffs and Trade. It was a multilateral agreement between 23 countries, signed on October 30, 1947, aimed at reducing trade barriers and promoting international trade.
GAT meaning in General in Computing
GAT mostly used in an acronym General in Category Computing that means General Agreement on Trade
Shorthand: GAT,
Full Form: General Agreement on Trade
For more information of "General Agreement on Trade", see the section below.
Key Points About GAT
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Objectives:
- To reduce tariffs and other trade barriers
- To promote trade liberalization and economic growth
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Provisions:
- Most-favored-nation (MFN) treatment: Member countries were to grant the same trade terms to all other member countries
- National treatment: Imported goods should be treated similarly to domestic goods in terms of taxation and other regulations
- Prohibition of quantitative restrictions: Member countries were not allowed to impose quotas or other quantitative restrictions on imports
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Members:
- Original members: 23 countries, including the United States, United Kingdom, and France
- Subsequent members: Over 100 countries joined GAT over the years
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Success:
- Led to a significant reduction in tariffs and trade barriers
- Promoted economic growth and prosperity worldwide
Essential Questions and Answers on General Agreement on Trade in "COMPUTING»GENERALCOMP"
What is the General Agreement on Trade (GAT)?
The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement that established a framework for international trade. It was signed in 1947 by 23 countries, including the United States, United Kingdom, and Canada. The GATT aimed to reduce tariffs and other trade barriers, promote free trade, and ensure that trade was conducted in a fair and equitable manner.
How did the GATT operate?
The GATT operated through a system of multilateral negotiations, known as "rounds." During these rounds, countries negotiated with each other to reduce tariffs and other trade barriers on specific products. The GATT also established a set of rules and procedures to govern international trade, including provisions on most-favored-nation treatment, national treatment, and dispute settlement.
What were the key principles of the GATT?
The key principles of the GATT included:
- Non-discrimination: Countries were required to treat all other countries equally in terms of trade.
- Transparency: Countries were required to publish their trade regulations and policies.
- Consultation: Countries were encouraged to consult with each other before taking any trade measures that could affect other countries.
- Dispute settlement: Countries were required to submit disputes to a dispute settlement mechanism.
What was the relationship between the GATT and the World Trade Organization (WTO)?
The GATT was the precursor to the World Trade Organization (WTO). The WTO was established in 1995 as a successor to the GATT. The WTO incorporated the GATT into its own framework and expanded its scope to include areas such as intellectual property, services, and investment.
Final Words: GAT played a crucial role in shaping the global trading system and promoting international trade. It laid the foundation for the World Trade Organization (WTO), which was established in 1995 and continues to regulate global trade today.
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