Background and terminology 17.General Agreement on Tariffs and Trade(GATT) Treaty and international trade organization in existence from 1948 to 1995.GATT members,known as contracting parties,worked to minimize tariffs, quotas,preferential trade agreements between countries,and other barriers to international trade.In 1995 GATT's functions were taken over by the World Trade Organization (WTO),an international body that administers trade laws and provides a forum for settling trade disputes among nations.[Microsoft Encarta 20051 制价爱行蜀易大考Background and terminology Background and terminology 17.General Agreement on Tariffs and Trade (GATT) 17.General Agreement on Tariffs and Trade (GATT) Treaty and international trade organization in Treaty and international trade organization in existence from 1948 to 1995. GATT members, known existence from 1948 to 1995. GATT members, known as contracting parties, worked to minimize tariffs, as contracting parties, worked to minimize tariffs, quotas, preferential trade agreements between quotas, preferential trade agreements between countries, and other barriers to international trade. In countries, and other barriers to international trade. In 1995 GATT's functions were taken over by the World 1995 GATT's functions were taken over by the World Trade Organization (WTO), an international body that Trade Organization (WTO), an international body that administers trade laws and provides a forum for administers trade laws and provides a forum for settling trade disputes among nations. settling trade disputes among nations. [Microsoft Encarta 2005] [Microsoft Encarta 2005]