General Agreement on Tariffs and Trade

The General Agreement on Tariffs and Trade (GATT) is an agreement between states and other entities on the rules for trade. It was signed in Geneva, Switzerland in 1947 by 23 states. It was not an international organization, although there had been from the beginnings plans to establish an International Trade Organization. The agreement was ammended several times, including most recently by the Marakesh Agreement in 1995, which ended the Uruguay Round of trade negotiations, which established the World Trade Organization. GATT functions as the foundation of the WTO trading system, and remains in force, although the 1995 Agreement contains an updated version of it to replace the original 1947 one.