General Agreement On Tariffs And Trade (Noun)
Meaning
A United Nations agency created by a multinational treaty to promote trade by the reduction of tariffs and import quotas.
Classification
Nouns denoting groupings of people or objects.
Examples
- The General Agreement on Tariffs and Trade was created to promote international trade by lowering tariffs and non-tariff barriers.
- The formation of the General Agreement on Tariffs and Trade in 1947 marked a significant shift in global trade policies.
- Under the General Agreement on Tariffs and Trade, participating countries were required to reduce their tariff barriers.
- The General Agreement on Tariffs and Trade aimed to increase economic development and cooperation among member nations.
- The General Agreement on Tariffs and Trade contributed to the creation of the World Trade Organization in 1995, an international organization focused on trade.