History of the General Agreement on Tariffs and Trade (GATT)

The GATT held eight rounds of meetings—the first beginning in April 1947,
the last ending in December 1993. Each of the conferences had significant
achievements and outcomes.

 The first meeting was in Geneva, Switzerland, and included 23 countries.

The focus of this opening conference was on tariffs. The members
established tax concessions touching more than US$10 billion of trade
around the globe.
 The second series of meetings began in April 1949 and were held in
Annecy, France. Again, tariffs were the primary topic. Thirteen countries
were at the second meeting, and they accomplished an additional 5,000
tax concessions reducing tariffs.
 Starting in September 1950, the third series of GATT meetings occurred
in Torquay, England. This time 38 countries were involved, and almost
9,000 tariff concessions passed, reducing tax levels by as much as 25%.
 Japan became involved in the GATT for the first time in 1956 at the
fourth meeting along with 25 other countries. The meeting was in
Geneva, and again the committee reduced worldwide tariffs, this time by
US$2.5 billion.
 This series of meetings and reduced tariffs would continue, adding new
GATT provisions in the process. In 1964, the GATT began to work
toward curbing predatory pricing policies.
 These policies are known as dumping. Then in the 1970s, an
arrangement regarding international trade in textiles, known as
the Multifibre Arrangement (MFA), came into force.
 The next big event was the Uruguay Round, which lasted from 1986 to
1993, with the agreements signed in 1994, and created the WTO.5

What is the purpose of the General Agreement on Tariffs and Trade

(GATT)?

 The General Agreement on Tariffs and Trade (GATT) was set up to

eliminate protectionism, get countries trading freely among themselves,
and help restore economic prosperity following the devastation of World
War II.

 a free trade agreementThat was essentially its goal. The GATT sought to
push the world toward a reality where goods and services are exchanged
among countries without tariffs, quotas, and so forth, and without
favoritism and discrimination
 The GATT replaced by the World Trade Organization (WTO)

The GATT, though largely successful in its goal, was said to lack a coherent
institutional structure. In short, it was a legal agreement acting as an
international organization. The World Trade Organization (WTO) incorporates
the principles of the GATT and is better positioned to carry them out because,
among other things, it is better versed in issues like intellectual property, has a
faster dispute settlement system, and wields more power.1112