An integrated set of bilateral trade agreements among nations, formed in 1947 to abolish quotas and reduce tariffs. Yugoslavia became a member of GATT in 1965, when its tariff and trade regulations were brought into line with international practices.
An international organization based in Geneva that negotiates reductions in trade barriers among its members. Negotiations take place over a period of years and are termed “rounds.” The most recent rounds were the Kennedy round, the Tokyo round, and the Uruguay round. GATT has been replaced by the World Trade Organization (WTO).