General Agreement on TariffsTrade
The General Agreement on TariffsTrade (GATT)an agreement between statesother entities onrulestrade.It was signedGeneva, Switzerland1947 by 23 states. It was not an international organization, although there had been frombeginnings plansestablish an International Trade Organization. The agreement was amended several times, including most recently byMarrakesh Agreement1995, which endedUruguay Roundtrade negotiations, which establishedWorld Trade Organization.
In 1962Kennedy Round instituted"Trade Expansion Act1962." This act gave greater power toexecutive branches ofrespective nations. The Executive was granted negotiation powers up50%.
GATT functions asfoundation ofWTO trading system,remainsforce, although1995 Agreement contains an updated versionitreplaceoriginal 1947 one.
The GATT, as an international agreement,very similar totreaty. Under United States law itclassed ascongressional-executive agreement. Itbased on"unconditional most favored nation principle." This means thatconditions applied tomost favored trading nation (i.e.one withleast restrictions) applyall trading nations.
