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Elucidate The General Agreement of Tariffs and Trade

Elucidate The General Agreement of Tariffs and Trade (GATT)?

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1. In 1947 after WWII, the U.S. signed an agreement to negotiate reductions on a multilateral basis.  Twenty-three nations originally signed, but now 128 nations belong to GATT.

2. The latest round of GATT negotiations was the eighth set of negotiations.  It began in Uruguay in 1986 and concluded at the end of 1993.  The agreement was passed by Congress in the fall of 1994, went into effect in 1995, and will be phased in through 2005.

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