The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement regulating international trade. According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis." It was negotiated during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO). GATT was signed in 1948 and lasted until 1993, when it was replaced by the World Trade Organization in 1995.
The original GATT text (GATT 1958) is still in effect under the WTO framework, subject to the modifications of GATT 1994.
Read more about General Agreement On Tariffs And Trade: Rounds, GATT and The World Trade Organization
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“It was the words “descended into Hades”
That seemed too pagan to our liberal youth.
You know they suffered from a general onslaught.
And well, if they weren’t true why keep right on
Saying them like the heathen? We could drop them.”
—Robert Frost (1874–1963)
“Now I appeal to you, brothers and sisters, by the name of our Lord Jesus Christ, that all of you be in agreement and that there be no divisions among you, but that you be united in the same mind and the same purpose.”
—Bible: New Testament, 1 Corinthians 1:10.
“Literature flourishes best when it is half a trade and half an art.”
—W.R. (William Ralph)