The General Agreements on Tariffs and Trade is a multilateral trade deal among authorities, including obligations and rights. The rules set out in the Arrangement develop a code which the parties to the Agreement have agreed upon to rule their trading associations.
The General Agreement on Tariffs and Trade was a free trade arrangement between 23 nations that dropped tariffs and increased global trade. It was the first worldwide multilateral free trade agreement. It had been in effect from January 1, 1948, until January 1, 1995. It ended when the more robust World Trade Organization replaced it.