General Agreement on Tariffs and Trade

The General Agreement on Tariffs and Trade (GATT) was signed on October 30, 1947, by representatives of 23 countries to establish a framework for reducing tariffs and other trade barriers, promoting nondiscriminatory trade, and fostering economic recovery after World War II. It introduced key principles such as most-favored-nation treatment and tariff negotiations through multiple rounds, including the Kennedy, Tokyo, and Uruguay Rounds.

The Uruguay Round culminated in the creation of the World Trade Organization (WTO) in 1995, which took over GATT's functions.

The agreement played a crucial role in lowering average tariffs on industrial goods from about 40% in 1947 to less than 5% by the early 1990s and expanded trade liberalization to services and agriculture.