GATT – General Agreement on Tariffs and Trade

General AgreementContract An agreement enforceable by law is a contract. All agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration and with a lawful object, and are not hereby expressly declared to be void. Indian Contract Act. on Tariffs and Trade – superseded as an international organization by the WTOWTO The World Trade Organization (164 Members) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The WTO operates the global system of trade rules and helps developing economies build their trade capacity. Observer governments> Algeria- Andorra- Azerbaijan- Bahamas- Belarus- Bhutan- Bosnia and Herzegovina- Comoros- Curaçao- Equatorial Guinea- Ethiopia- Holy See- Iran- Iraq- Lebanese Republic- Libya- Sao Tomé and Principe- Serbia- Somalia- South Sudan- Sudan- Syrian Arab Republic- Timor-Leste- Turkmenistan- Uzbekistan-. An updated General Agreement is now the WTO agreement governing trade in goods. GATT 1947: The official legal term for the old (pre-1994) version of the GATT. GATT 1994: The official legal term for the new version of the General Agreement, incorporated into the WTO, and including GATT 1947.