GATT – General Agreement on Tariffs and Trade.
- On 30 Oct. 1947, 23 countries at Geneva including India, sign as agreement related to tariffs on trade.
- It came into force on 1 Jan, 1948.
- Main functions of GATT:-
- (a) The policy of equal tariffs.
- (b) To remove the quantitative ban.
- (c) Disposal of business dispute in a democratic way.
- World Trade Organization (WTO) took the place of GATT on 1 Jan., 1995.