The General Agreement on Tariffs and Trade

Managed trade

Got a system based on:

Free trade

Became the international institution regulating:

Non-discriminatory, reciprocity, transparency, multilateralism and safeguards

5 words to describe GATT:

All members

Any concession extended to one member must be extended to:

Visible

Any protectionism is:

Specific countries

Cannot take action against:

23

How many countries came together to develop GATT?

Serve as a forum for trade negotiations

Most important function:

Safeguards

Permits members to temporarily raise tariffs to limit imports that would be detrimental to domestic industry

Transparent

Tariffs are more what than non-tariff barriers?

1947-1994

When did GATT begin and end?

Similar reductions

When one country lowers its tariffs to another country it will in turn receive: