What does GAT mean in GENERAL
The General Agreement on Trade (GAT) was a multilateral agreement regulating international trade. It was signed by 23 countries in Geneva, Switzerland, on October 30, 1947, and came into effect on January 1, 1948.
GAT meaning in General in Business
GAT mostly used in an acronym General in Category Business 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.
Meaning of GAT
GAT stands for General Agreement on Tariffs and Trade. It aimed to promote international trade by reducing tariffs and other trade barriers. The agreement established the principles of non-discrimination, transparency, and predictability in international trade.
Key Principles of GAT
- Most-favored-nation principle (MFN): Countries were required to treat all other member countries equally in terms of trade.
- National treatment principle: Imported products were to be treated no less favorably than domestic products in terms of taxes and regulations.
- Transparency: Countries were required to publish their trade regulations and tariffs.
Evolution of GAT
GAT underwent several rounds of negotiations to expand its scope and membership. These included:
- Kennedy Round (1964-1967): Reduced tariffs on industrial products.
- Tokyo Round (1973-1979): Expanded the agreement to include non-tariff barriers.
- Uruguay Round (1986-1994): Led to the establishment of the World Trade Organization (WTO), which replaced GAT.
Essential Questions and Answers on General Agreement on Trade in "BUSINESS»GENERALBUS"
What is the General Agreement on Trade (GAT)?
The General Agreement on Trade (GAT) was an international trade agreement signed in 1947 as part of the Bretton Woods system of international economic cooperation. It aimed to reduce tariffs and other trade barriers, promote non-discrimination in trade, and establish a framework for international trade negotiations.
What were the main objectives of the GAT?
The main objectives of the GAT were to:
- Liberalize international trade by reducing tariffs and other trade barriers.
- Promote non-discrimination in trade, meaning that all countries should be treated equally.
- Establish a framework for international trade negotiations and dispute resolution.
How did the GAT contribute to the global trading system?
The GAT played a significant role in the establishment and development of the global trading system by:
- Reducing trade barriers, which led to increased trade volumes and economic growth.
- Promoting non-discrimination, which created a more level playing field for all countries.
- Establishing a framework for international trade negotiations, which contributed to the resolution of trade disputes and the further liberalization of trade.
What was the relationship between the GAT and the World Trade Organization (WTO)?
The GAT was the predecessor to the WTO. The WTO was established in 1995 as a successor organization to the GAT, incorporating the GAT's rules and principles into a broader framework that included additional agreements on intellectual property, services, and investment. The WTO continues to play a central role in the regulation of international trade and the promotion of a rules-based trading system.
Final Words: The General Agreement on Trade (GAT) played a significant role in shaping the global trading system. It established the principles of non-discrimination and transparency, and promoted the reduction of trade barriers. The principles and objectives of GAT continue to influence international trade under the auspices of the World Trade Organization.
GAT also stands for: |
|
| All stands for GAT |