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    General Agreement On Tariffs & Trade (GATT) & World Trade Organisation (Wto)

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    Devang Shah
    The document discusses the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). GATT was created in 1947 to facilitate international trade by freezing and reducing tariff levels. In 1994, GATT was superseded by the WTO, which officially commenced on January 1, 1995 and replaced GATT to supervise and liberalize international trade through reducing trade barriers and resolving disputes between member states.

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    General Agreement On Tariffs & Trade (GATT) & World Trade Organisation (Wto)

    Uploaded by

    Devang Shah
    68 views6 pages
    The document discusses the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). GATT was created in 1947 to facilitate international trade by freezing and reducing tariff levels. In 1994, GATT was superseded by the WTO, which officially commenced on January 1, 1995 and replaced GATT to supervise and liberalize international trade through reducing trade barriers and resolving disputes between member states.

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    gatt & wto

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    The document discusses the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). GATT was created in 1947 to facilitate international trade by freezing and reducing tariff levels. In 1994, GATT was superseded by the WTO, which officially commenced on January 1, 1995 and replaced GATT to supervise and liberalize international trade through reducing trade barriers and resolving disputes between member states.

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    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    68 views6 pages

    General Agreement On Tariffs & Trade (GATT) & World Trade Organisation (Wto)

    Uploaded by

    Devang Shah
    The document discusses the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). GATT was created in 1947 to facilitate international trade by freezing and reducing tariff levels. In 1994, GATT was superseded by the WTO, which officially commenced on January 1, 1995 and replaced GATT to supervise and liberalize international trade through reducing trade barriers and resolving disputes between member states.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPT, PDF, TXT or read online from Scribd
    Download as ppt, pdf, or txt
    of 6

    GENERAL

    AGREEMENT ON
    TARIFFS & TRADE
    (GATT)
    &
    WORLD TRADE
    ORGANISATION(WTO)
    GATT-DEFINITION
    • General Agreement on Tariffs and Trade.
    Treaty organization affiliated with the
    United Nations whose purpose was to
    facilitate international trade. The primary
    actions of the organization were to freeze
    and reduce tariff levels on various
    commodities. GATT was created in 1947,
    and was originally intended to become a
    part of the International Trade
    Organization (ITO); however, the ITO
    failed to be created, so the GATT was left
    as an independent organization. In 1994,
    GATT was superseded by the WTO.
    • The General Agreement on Tariffs and Trade
    (GATT) was first signed in 1947.

    • Was designed
    – To provide an international forum
    – That encouraged free trade between
    member states
    – By regulating and reducing tariffs on traded
    goods
    – Providing a common mechanism for
    resolving trade disputes.
    GATT ???
    A Treaty, not an Organization

    • Was the outcome of the failure of


    negotiating governments to create the
    ITO
    • As governments negotiated the ITO, 15
    negotiating states began parallel
    negotiations for the GATT as a way to
    attain early tariff reductions
    • Once the ITO failed in 1950, only the
    GATT agreement was left.
    OBJECTIVE
    • The GATT's main objective was the
    “Reduction of Barriers to International
    Trade”

    • This was achieved through the


    Reduction of
    – Tariff barriers
    – Quantitative Restrictions
    – Subsidies on trade through a series of
    agreements
    WORLD TRADE
    ORGANISATION
    • The World Trade Organization (WTO) is
    an organization that intends to supervise and
    liberalize international trade. The
    organization officially commenced on January
    1, 1995 replacing the General Agreement on
    Tariffs and Trade (GATT)

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