How Do You Spell GENERAL AGREEMENT ON TARIFFS AND TRADE?

Pronunciation: [d͡ʒˈɛnəɹə͡l ɐɡɹˈiːmənt ˌɒn tˈaɹɪfs and tɹˈe͡ɪd] (IPA)

The term "general agreement on tariffs and trade" refers to a treaty signed in 1947 aimed at promoting free trade globally. When pronounced, it is typically transcribed as /ˈdʒɛnərəl əˈɡriːmənt ɒn ˈtærɪfs ənd ˈtreɪd/, with the emphasis on the second and fourth syllables. The spelling of the word is dictated by the English language's conventions of phonetics and phonology, which determine how sounds are represented in writing. Despite its complex spelling, this term is important in international trade and commerce.

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GENERAL AGREEMENT ON TARIFFS AND TRADE Meaning and Definition

  1. General Agreement on Tariffs and Trade (GATT) refers to a global multilateral agreement that was created with the primary objective of promoting international trade through the reduction and elimination of tariffs, quotas, and other trade barriers among participating countries. It was established in 1947 following the Bretton Woods Conference, and its main purpose was to provide a framework for the regulation of international trade.

    GATT aimed to create a system of rules and principles to govern international trade and ensure fair and equitable treatment of all member countries. It facilitated negotiations among member nations to reach agreements on various trade-related issues, including the reduction of trade barriers and the liberalization of trade in goods and services. GATT also sought to promote non-discrimination in trade by advocating the principle of most-favored-nation (MFN) status, which meant that any advantage, favor, or privilege granted to one member nation should be extended to all member nations.

    Throughout its existence, GATT underwent several rounds of negotiations known as "rounds" that aimed at further opening up global trade. The most notable of these rounds was the Uruguay Round, which concluded in 1994 and resulted in the establishment of the World Trade Organization (WTO), replacing GATT as the main international organization governing global trade.

    Overall, GATT played a pivotal role in promoting global economic integration and fostering cooperation among nations on trade issues. It served as a foundation for the development of a rules-based international trading system that sought to ensure a predictable and fair environment for trade expansion among member countries.

Common Misspellings for GENERAL AGREEMENT ON TARIFFS AND TRADE

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