General Agreement on Tariffs and Trade. Treaty organization affiliated with the United Nations whose purpose was to facilitate international trade. The primary actions of the organization were to freeze and reduce tariff levels on various commodities. GATT was created in 1947, and was originally intended to become a part of the International Trade Organization (ITO); however, the ITO failed to be created, so the GATT was left as an independent organization. In 1994, GATT was superseded by the WTO.

Use GATT in a sentence

You need to make sure that you understand the Gatt and do your best to follow all of the guidelines.

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I heard about the GATT before, but I did not know how it worked, so I asked my brother who knew everything about trade.

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The GATT was helpful in regulating and promoting trade in the region, we were thankful this policy was implemented when it was.

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