Version: 1.1.0.31 (2021-01-15 15:15)
Glossary term:

General Agreement on Tariffs and Trade

Treaty that was precursor to the World Trade Organisation (WTO). It served as a framework for negotiations aiming to liberalise world trade and helped structure the multilateral trading system.

GATT 1947 refers to the old version of the GATT, whereas GATT 1994 is the new version of the General Agreement, incorporated into the WTO, which governs trade in goods.

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