Term
| General Agreement on Tariffs and Trade (GATT) |
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Definition
| A series of rules governing trade that were first created in 1947 by twenty-three countries |
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Term
| Most-favored-nation clause (MFN) |
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Definition
| A GATT provision that required member countries to automatically extend to all member countries the same benefits, usually tariff reductions, they agreed on with any other countries |
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Term
| World Trade Organization (WTO) |
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Definition
| The organization that succeeded GATT and came into effect on January 1, 1955. It is the only institutional body charged with facilitating free and fair trade between member nations. |
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Term
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Definition
| Popular term for the prospective withdrawal of the United Kingdom (UK) from the European Union |
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