General Agreement on Tariffs and Trade (GATT) is an agreement signed at the Geneva Conference in 1947, and became effective on January 1, 1948.
Setting a framework of rules and guidelines of the international trade, GATT had four long-term objectives:
(1) reduction of tariffs,
(2) minimization of import quotas,
(3) nondiscrimination in trade through adherence to unconditional most-favored-nation treatment, and
(4) resolution of differences through arbitration and consultation.
GATT agreement has been modified over the years through various rounds of negotiations.