Gatt full form: The General Agreement on

The General Agreement on Tariffs and Trade (hereinafter “GATT”) of 1947 emerged from the post-Second World War negotiations on international economic cooperation. The General Agreement on Tariffs and Trade (GATT), which was signed on October 30, 1947, by 23 nations, was a legal agreement that aimed to reduce trade barriers by abolishing or decreasing quotas, tariffs, and subsidies while retaining considerable restrictions. General Agreement on Tariffs and Trade (GATT), set of multilateral trade agreements aimed at the abolition of quotas and the reduction of tariff duties among the contracting nations. When GATT was concluded by 23 countries at Geneva, in 1947 (to take effect on Jan. 1, 1948), it was considered an GATT was formed to minimise trade barriers among countries by reducing tariffs, quotas, and subsidies. Know its working, principles and more.