Definition from Nolo’s Plain-English Law Dictionary
A comprehensive free-trade treaty signed by most developed nations. Among other things, member countries are required to treat all other member countries equally in the application of import and export tariffs, offer basic copyright protection to authors from member countries, consult with each other about trade matters, and attempt to resolve differences in a peaceful manner. GATT created an international regulatory body known as the World Trade Organization (WTO) to enforce compliance with the agreement.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:16 pm