GATT
About the GATT
The General Agreement on Tariffs and Trade, interim, the ITO never ratified by US Senate, became the de facto world trade constitution for 47 years. Eight negotiating rounds, Kennedy, Tokyo, Uruguay, cut tariffs from 22 percent average to under 5, trade grew 20 fold. Dispute settlement evolved slowly. The Uruguay Round 1994 birthed the WTO, transforming GATT into an institution with binding panels, GATT 1994 remains its core.
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