gatt

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The word "GATT" stands for the General Agreement on Tariffs and Trade. It is a noun and refers to an international organization that was created to help countries work together on trade. The main goal of GATT was to promote trade by reducing taxes on imports (called tariffs) and limits on how much of a product could be brought into a country (called import quotas).

Simple Explanation:

• GATT: A group that helps countries trade better by making it easier to buy and sell things across borders.

Usage Instructions:

• You can use "GATT" when discussing international trade, economics, or history.

Example:

• "After World War II, many countries joined GATT to encourage global trade."

Advanced Usage:

• In discussions about international relations, you might say:
  • "GATT played a crucial role in shaping the rules of international trade before being replaced by the World Trade Organization (WTO)."

Word Variants:

• WTO: The World Trade Organization, which succeeded GATT and expanded its functions.

Different Meanings:

• GATT is primarily known in the context of trade and economics; it does not have other meanings in common usage.

Synonyms:

• There are no direct synonyms for GATT, but you can refer to it within the context of international trade agreements or organizations.

Idioms and Phrasal Verbs:

• While "GATT" itself does not have idioms or phrasal verbs, discussions about trade might include phrases like:
  • "open up markets" (meaning to make it easier to trade with other countries).
  • "level the playing field" (meaning to make conditions fair for all traders).

Summary:

GATT was an important organization that helped countries trade by reducing tariffs and quotas.

Academic

Noun

1. a United Nations agency created by a multinational treaty to promote trade by the reduction of tariffs and import quotas

Synonyms

• General Agreement on Tariffs and Trade
• GATT