Definition: General Agreements on Tariffs and Trade (GATT)

General Agreements on Tariffs and Trade (GATT) - "a multilateral organization of market economies founded in 1947 that administered rules of conduct in international trade through 1995, when WTO became all-encompassing. WTO maintains continuity with GATT, whose precedents WTO recognizes." - source: Economic Development 4th Edition by E. Wayne Nafziger