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TeachMeFinance.com - explain General Agreement on Tariffs and Trade (GATT) General Agreement on Tariffs and Trade (GATT) The term 'General Agreement on Tariffs and Trade (GATT) ' as it applies to the area of agriculture can be defined as ' An agreement originally negotiated in Geneva, Switzerland in 1947 to increase international trade by reducing tariffs and nontariff trade barriers. The agreement provides a code of conduct for international commerce and a framework for periodic multilateral negotiations on trade liberalization and expansion. The Uruguay Round Agreement (resulting from negotiations that stretched from 1986 through 1993 among over 100 nations) established the World Trade Organization (WTO) to replace the institutions created by the GATT. The WTO officially replaced the GATT institutions on January 1, 1995. The WTO administers the GATT 1947, the revisions in GATT resulting from the Uruguay Round negotiations (GATT 1994), dispute resolution among WTO member countries, and various agreements resulting from other previous multilateral trade negotiations'. Previous 5 Terms: Gene prediction Gene product Gene therapy Gene transfer genealogy Next 5 Terms: General Circulation General Circulation Model (GCM) General Circulation Models General Enrollment Period (Gep) General Fund Of The Treasury About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.