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General Agreement on Tariffs and Trade (GATT)
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GATT was a precursor to the World Trade Organization (WTO), created to in 1947, and was meant to promote global trade between members through tariff reductions. By 1995 when it was replaced by the World Trade Organization (WTO), GATT governed 90% of world trade. GATT established uniform customs regulations and tried to eliminate import quotas. GATT also sponsored treaties that reduced tariffs.


The General Agreement on Tariffs and Trade (GATT) permits two forms of multilateral safeguards: (a) a country's right to impose temporary import controls or other trade restrictions to prevent commercial injury to domestic industry, and (b) the corresponding right of exporters not to be deprived arbitrarily of access to markets. Article XIX of the GATT permits a country whose domestic industries or workers are adversely affected by increased imports to withdraw or modify concessions the country had earlier granted, to impose, for a limited period, new import restrictions if the country can establish that a product is "being imported in such increased quantities as to cause or threaten serious injury to domestic producers," and to keep such restrictions in effect for a such time as may be necessary to prevent or remedy such injury. 

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