A Provision Of The General Agreement On Tariffs And Trade Treaty (Gatt)

However, their most important achievement at that time was seen as the adoption of Part IV of the GATT, which freed them from reciprocal reciprocity with industrialized countries in trade negotiations. In the view of many developing countries, this was a direct result of UNCTAD I`s call for a better trade deal for them. Reduction of tariffs and new rules to control the spread of non-tariff barriers and voluntary export restrictions. 102 countries participated in the round. Trade concessions worth $19 billion have been made. The Kennedy Round was held from 1962 to 1967. $40 billion in tariffs have been eliminated or reduced. The fifth round was held again in Geneva and lasted from 1960 to 1962. The discussions are named after U.S. Treasury Secretary and former Under Secretary of State Douglas Dillon, who first proposed the discussions.

Twenty-six countries participated in the round. In addition to reducing tariffs by more than $4.9 billion, this has also led to discussions on the creation of the European Economic Community (EEC). The working assumption for collective bargaining was a linear reduction of 50%, with the lowest number of exceptions. A lengthy argument was made as to the trade impact, which would have a uniform linear reduction on the dispersed rates (low and high tariffs, quite distant) of the United States compared to the much more concentrated rates of the EEC, which also tended to be in the lower tariff rates of the United States. The General Agreement on Tariffs and Trade (GATT), adopted on 30 The signing of 23 countries on 1 October 1947 was a legislative agreement that minimized barriers to international trade by removing or reducing quotas, tariffs and subsidies, while maintaining important rules. While gatt was a set of rules agreed upon by nations, the WTO is an intergovernmental organization with its own headquarters and staff, and its scope encompasses trade in goods, trade in services and intellectual property rights. Although intended to serve as multilateral agreements, plurilateral agreements have resulted in selective trade and fragmentation of members in several rounds of GATT negotiations (notably Tokyo). WTO agreements are generally a multilateral GATT resolution mechanism. [24] The GATT has been described as a major success in the post-war years. One of its most important achievements has been trade without discrimination.

Each signatory member of the GATT must be treated in the same way as another. This is called the most-favoured-nation (MFN) principle, which has been taken up in the WTO. The third round was held in Torquay, England, in 1951. [13] [14] Thirty-eight countries participated in the round. A total of 8,700 tariff concessions were collected on 3/4 of the tariffs that came into force in 1948. The simultaneous rejection of the Havana Charter by the United States meant the creation of GATT as the world body in power. [15] The GATT and its successor, the WTO, have succeeded in reducing tariffs. .