jan 1, 1948 - General Agreement on Tariffs and Trade (GATT)

Description:

Western countries signed the GATT to reduce trade barriers & provide a forum for consulting for the nations over tariffs and trade.
If two GATT members decided between each other that tariffs on certain products had to be lowered, they would have to announce these changes and, if the majority agreed, then tariffs would be lowered in every GATT country.

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