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  3. October
  4. 30
  5. General Agreement on Tariffs and Trade

Events on October 30 in history

1947Oct, 30

The General Agreement on Tariffs and Trade (GATT), which is the foundation of the World Trade Organisation (WTO), is founded.

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. According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis."

The GATT was first discussed during the United Nations Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO). It was signed by 23 nations in Geneva on October 30th, 1947, and was applied on a provisional basis January 1st, 1948. It remained in effect until January 1st, 1995, when the World Trade Organization (WTO) was established after agreement by 123 nations in Marrakesh on April 15th, 1994, as part of the Uruguay Round Agreements. The WTO is the successor to the GATT, and the original GATT text (GATT 1947) is still in effect under the WTO framework, subject to the modifications of GATT 1994. Nations that were not party in 1995 to the GATT need to meet the minimum conditions spelled out in specific documents before they can accede; in September 2019, the list contained 36 nations.The GATT, and its successor the WTO, have succeeded in reducing tariffs. The average tariff levels for the major GATT participants were about 22% in 1947, but were 5% after the Uruguay Round in 1999. Experts attribute part of these tariff changes to GATT and the WTO.

References

  • General Agreement on Tariffs and Trade
  • World Trade Organisation

Choose Another Date

Events on 1947

  • 10Feb

    Socialist Federal Republic of Yugoslavia

    Italy cedes most of Venezia Giulia to Yugoslavia.
  • 5Jun

    George Marshall

    Marshall Plan: In a speech at Harvard University, the United States Secretary of State George Marshall calls for economic aid to war-torn Europe.
  • 15Aug

    Indian independence movement

    India gains Independence from British rule after near 190 years of Crown rule and joins the Commonwealth of Nations.
  • 30Sep

    New York Yankees

    The World Series, featuring the New York Yankees and the Brooklyn Dodgers, is televised for the first time.
  • 5Oct

    Harry S. Truman

    The first televised White House address is given by U.S. President Harry S. Truman.

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