General Agreement On Tariffs And Trade 1994
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FAQ
The WTO is the successor to the General Agreement on Tariffs and Trade (GATT), which was created in 1947 in the expectation that it would soon be replaced by a specialized agency of the United Nations (UN) to be called the International Trade Organization (ITO).
GATT rules required that any member country give all members the same privileges regarding tariffs and other commercial policy measures that it gave to the most favoured nation (MFN) with which it negotiated. This was known as the MFN principle. It was established to remove trade discrimination.
GATT 1994:General Agreement on Tariffs and Trade 1994, Apr. 15, 1994, Marrakesh Agreement Establishing the World Trade Organization, Annex 1A, 1867 U.N.T.S. 187, 33 I.L.M. 1153 (1994) hereinafter GATT 1994.
It is an international treaty binding upon all WTO Members. The GATT 1994 is only concerned with trade in goods. The GATT 1994 aims at further liberalizing trade in goods through the reduction of tariffs and other trade barriers and eliminating discrimination.
Side agreements to the 1947 GATT should be cited to an unofficial source, such as the GATT Basic Instruments and Selected Documents (GATT BISD) KZ5185 . A4 1947, if published therein.