GATT was formed to minimise trade barriers among countries by reducing tariffs, quotas, and subsidies. Know its working, principles and more. The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. GATT: General Agreement on Tariffs and Trade The full form of GATT is General Agreement on Tariffs and Trade. The General Agreement on Tariffs and Trade (GATT) aimed to boost economic recovery after World War II, through the reconstruction and liberalization of world trade. It was a legal agreement to minimize barriers to international trade, eliminating or reducing quotas, tariffs and subsidies, while preserving important regulations. The GATT was signed by 23 countries in Geneva on October ... What is the GATT and its purpose? General Agreement on Tariffs and Trade (GATT) was an international trade agreement signed in 1947. 23 nations were signatories of this trade agreement. GATT came into effect on January 1, 1948. The purpose of GATT was to liberalise trade by reducing tariffs and reducing quotas among member countries.
