GATT

The General Agreement on Tariffs and Trade which is a treaty signed in 1947 by over 100 nations and most developed countries to promote global economic growth via the regulation of world trade practices. Member countries must treat each other equally with regard to import and export tariffs, offer the same basic intellectual property rights with regard to copyright and generally resolve differences in an amicable fashion. The World Trade Organization (WTO) was created pursuant to GATT as the enforcement body that ensures member compliance with the agreement.