GATT

General Agreement on and Trade (GATT), a provisional and largely voluntary agreement for the reduction of barriers to world trade, entered into by virtually all important trading nations is the major player in the US view of international business. Negotiated in 1947 at Geneva, Switzerland, among 23 countries, GATT came into force on Jan. 1, 1948. By 1983, 90 nations were full members of GATT, and 23 nations had limited membership. The signatories, as well as members under special or provisional terms, …

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