General Agreement on Tariffs and Trade (GATT)

• The General Agreement on Tariffs and Trade (GATT) is a multilateral agreement governing international trade that is global in scope.  The fundamental goal is to foster economic growth.  The agreement will cut tariffs worldwide by one-third over a 10-year period.
• The World Trade Organization (WTO) was created to administer the agreement and oversee dispute resolution arising from the General Agreement on Tariffs and Trade.
• U.S. tariffs are low on most forest products and global reductions on tariffs should generally benefit the U.S. forest products industry.