The Legal Definition of GATT 1947 and Its Role in Global Trade
Definition & meaning
The General Agreement on Tariffs and Trade (GATT) 1947 is an international treaty established to promote trade by reducing tariffs and other trade barriers. It was signed on October 30, 1947, and is part of the Final Act from the Second Session of the Preparatory Committee of the United Nations Conference on Trade and Employment. GATT 1947 has been amended and modified over the years through various legal instruments that were effective before the World Trade Organization (WTO) Agreement came into force.
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GATT 1947 is primarily used in international trade law. It serves as a foundational agreement that governs trade relations between member countries. Legal practitioners may reference GATT 1947 when dealing with issues related to tariffs, trade disputes, and compliance with international trade regulations. Users can manage some aspects of international trade agreements using legal templates from US Legal Forms.
Key Legal Elements
Real-World Examples
Here are a couple of examples of abatement:
One example of GATT 1947 in action is when a country seeks to impose tariffs on imported goods. If the tariffs exceed those agreed upon under GATT, affected countries may file a complaint through the WTO's dispute resolution mechanism. (Hypothetical example.)
Relevant Laws & Statutes
GATT 1947 is referenced in various international trade laws and agreements, including:
WTO Agreement
Trade Act of 1974 (19 U.S.C. § 2101 et seq.)
Comparison with Related Terms
Term
Definition
Key Differences
GATT 1947
An international treaty focused on reducing trade barriers.
Established before the WTO; foundational for international trade.
GATT 1994
The updated version of GATT, incorporated into the WTO Agreement.
Includes additional provisions and is part of the WTO framework.
Common Misunderstandings
What to Do If This Term Applies to You
If you are involved in international trade and believe GATT 1947 may apply to your situation, consider the following steps:
Review the specific tariffs and trade agreements relevant to your goods.
Consult legal templates available on US Legal Forms to draft necessary documents.
If facing a trade dispute, seek professional legal advice to navigate the complexities of international law.
Quick Facts
Attribute
Details
Established
October 30, 1947
Purpose
To promote international trade by reducing tariffs
Governing Body
World Trade Organization (WTO)
Key Takeaways
FAQs
GATT 1994 is an updated version of GATT 1947 that includes more comprehensive rules and is part of the WTO Agreement.
GATT establishes guidelines for member countries to reduce tariffs and avoid trade barriers.
Yes, US Legal Forms offers templates that can help you draft necessary documents for international trade.
