The GATT Agreement: A layperson's Description

Abstract

<p>What is the General Agreement on Tariffs and Trade (GATT)? The GATT may be best described as an ongoing process through which trade distortions among countries are defined and targeted for reduction. There have been seven previous GATT agreements over the years. The recent GATT agreement represents the eighth round of trade negotiations and is often called the Uruguay Round in reference to Punta del Este, Uruguay, where the agenda was set in 1986.</p>