Business

General Agreement on Tariffs and Trade: GATT Definition

Written by the MasterClass staff

Last updated: Feb 25, 2022 • 3 min read

At the time of its signing in 1947, the General Agreement on Tariffs and Trade (GATT) became the first major international free trade agreement. Its signature policies of tariff reduction and quota elimination helped open up global trade from the end of World War II into the 1990s.