A trade treaty that operated from 1948 until 1995, when it was replaced by the World Trade Organization (WTO). GATT was supported by 95 nations and a further 28 nations applied its rules de facto. Its objectives were to expand world trade and to provide a permanent forum for international trade problems. GATT was especially interested in extending free trade, which it achieved in eight ‘rounds’: Geneva (1947), Annecy (1948), Torquay (1950), Geneva (1956), Dillon (1960–61), Kennedy (1964–67), Tokyo (1973–79), and Uruguay (1986–94).
Subjects: Social Sciences.