The General Agreement on Tariffs and Trade has been superseded as an international organization by the WTO. An updated General Agreement is now the WTO agreement governing trade in goods. GATT 1947 is the official legal term for the old (pre-1994) version of the GATT. GATT 1994 is the official legal term for the new version of the General Agreement, incorporated into the WTO, and including GATT 1947.

 

See DUTY.

Generalized system of preferences offered unilaterally by developed/transition economies to developing countries. The GSP is not part of the GATT. GSP is accorded to developing countries by the following countries: Australia, Bulgaria, Canada, the European Union,  Japan, New Zealand, Norway, Switzerland and the United States. See also ENABLING CLAUSE.

See AD VALOREM EQUIVALENT (AVE).

See QUOTAS.

A preferential trading arrangement between developing country members of UNCTAD. See also ENABLING CLAUSE.