General Agreement on Tariffs and Trade: a multilateral international treaty signed in 1947 to promote trade, esp by means of the reduction and elimination of tariffs and import quotas; replaced in 1995 by the World Trade Organization
GATT in American English
(gæt)
noun
an international organization which promotes free trade, chiefly by facilitating negotiations among nations for the reduction or elimination of trade barriers
Word origin
G(eneral) A(greement on) T(ariffs and) T(rade), adopted in 1947