General Agreement on Tariffs and Trade

Quick Facts: Who was General Agreement on Tariffs and Trade?

Subject:

General Agreement on Tariffs and Trade

Known for:

Multilateral trade agreement promoting global commerce by reducing tariffs and trade barriers.

Verified Source:

2Day Chrono-Wiki & Primary Historical Archives

Origins & Early Life

The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis".

Career & Major Achievements

The GATT was first discussed during the United Nations Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO). It was signed by 23 nations in Geneva on 30 October 1947, and was applied on a provisional basis 1 January 1948.

Enduring Legacy & Impact

It remained in effect until 1 January 1995, when the World Trade Organization (WTO) was established after agreement by 123 nations in Marrakesh on 15 April 1994, as part of the Uruguay Round Agreements. The WTO is the successor to the GATT, and the original GATT text (GATT 1947) is still in effect under the WTO framework, subject to the modifications of GATT 1994.

Chronological Milestones & Life Events

1. 1947: 1947 Milestone — It was signed by 23 nations in Geneva on 30 October 1947, and was applied on a provisional basis 1 January 1948.
2. 1995: 1995 Milestone — It remained in effect until 1 January 1995, when the World Trade Organization (WTO) was established after agreement by 123 nations in Marrakesh on 15 April 1994, as part of the Uruguay Round Agreements.

Notable Quotes by General Agreement on Tariffs and Trade

“The General Agreement on Tariffs and Trade was a crucial step towards the modern global trading system.” (1995)

Historical Fact-Check Quiz: General Agreement on Tariffs and Trade

True or False: “True or False: The General Agreement on Tariffs and Trade (GATT) was designed to be a permanent, self-contained international body, rather than a provisional agreement.”

Answer (FALSE ❌): The GATT was initially a provisional agreement, designed to bridge the gap until the more comprehensive International Trade Organization (ITO) could be established. Its successor, the WTO, formalized the structure.

Contemporary Figures & Related Historical Timelines

• Al Capone — Historical peer (Died in 1947) (1947): Notorious American gangster and businessman during the Prohibition era.
• Alan Guth — Historical peer (Born in 1947) (1947): Pioneering cosmologist known for developing the theory of cosmic inflation.
• A. Wyatt Tilby — Historical peer (Died in 1948) (1948): British author, journalist, and traveler known for his writings on history and philosophy.
• Abby Aldrich Rockefeller — Historical peer (Died in 1948) (1948): American socialite and influential philanthropist, key patron of modern art.
• Adolf Butenandt — Historical peer (Died in 1995) (1995): Pioneering German biochemist known for sex hormones and pheromone discovery.
• Adolfo Pedernera — Historical peer (Died in 1995) (1995): Argentine football legend, nicknamed 'El Maestro,' pivotal in the 1940s.
• Abdullah al-Sallal — Historical peer (Died in 1994) (1994): Yemeni military officer and revolutionary who led the North Yemeni Revolution of 1962.
• Ahmed Ali (writer) — Historical peer (Died in 1994) (1994): Pioneering Urdu writer, poet, and diplomat from British India to Pakistan.

Frequently Asked Questions about General Agreement on Tariffs and Trade