General Agreement on Tariffs and Trade
The General Agreement on Tariffs and Trade, or GATT, was one of the multilateral agreements that comprised the Bretton Woods Accords after World War II. Believing that trade wars in the inter-war period were a contributing factor to the Great Depression, parties set out to establish international institutions to prohibit similar events.
Parties to GATT agree to a common schedule of tariffs and agree to lower all barriers to international trade over time. Successive rounds of GATT negotiations are to date:
- The First Geneva Round (1947-1948)
- The Annecy (France) Round (1949)
- The Torquay (England) Round (1950-1951)
- The Second Geneva Round (1956)
- The Dillon Round (1960-1962)
- The Kennedy Round (1963-1967)
- The Tokyo Round (1973-1979)
- The Uruguay Round (1986-1993)
The most significant of these was the Uruguay Round which established the World Trade Organization.