The General Agreement on Tariffs and Trade was signed by 23 countries in Geneva in 1947 and its tariff concessions entered into effect on 30 June 1948, as a multilateral framework for reducing tariffs and other trade barriers. It governed international trade through eight negotiating rounds over nearly five decades, administered from Geneva, until the Uruguay Round created the World Trade Organization, which absorbed and superseded it on 1 January 1995.
Facts
Founding YearSigned in Geneva in 1947; tariff concessions entered into effect 30 June 1948. Headquarters Cross-Tradition Connections
Associated With
GATT governed international trade negotiations from 1947 until the Uruguay Round created the WTO, which absorbed and superseded it on 1 January 1995.
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