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    Introduction of Gatt

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    Darpan Garg
    The General Agreement on Tariffs and Trade (GATT) was created in 1948 to reduce trade barriers and boost international trade. GATT was replaced by the World Trade Organization (WTO) in 1995. The WTO has stronger enforcement powers and broader scope, covering trade in services and intellectual property in addition to goods. It also has more permanent legal structures compared to the provisional agreement under GATT. The replacement of GATT by the WTO aimed to establish a stronger global authority to govern international trade rules and disputes.

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    Introduction of Gatt

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    Darpan Garg
    408 views9 pages
    The General Agreement on Tariffs and Trade (GATT) was created in 1948 to reduce trade barriers and boost international trade. GATT was replaced by the World Trade Organization (WTO) in 1995. The WTO has stronger enforcement powers and broader scope, covering trade in services and intellectual property in addition to goods. It also has more permanent legal structures compared to the provisional agreement under GATT. The replacement of GATT by the WTO aimed to establish a stronger global authority to govern international trade rules and disputes.

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    The General Agreement on Tariffs and Trade (GATT) was created in 1948 to reduce trade barriers and boost international trade. GATT was replaced by the World Trade Organization (WTO) in 1995. The WTO has stronger enforcement powers and broader scope, covering trade in services and intellectual property in addition to goods. It also has more permanent legal structures compared to the provisional agreement under GATT. The replacement of GATT by the WTO aimed to establish a stronger global authority to govern international trade rules and disputes.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    408 views9 pages

    Introduction of Gatt

    Uploaded by

    Darpan Garg
    The General Agreement on Tariffs and Trade (GATT) was created in 1948 to reduce trade barriers and boost international trade. GATT was replaced by the World Trade Organization (WTO) in 1995. The WTO has stronger enforcement powers and broader scope, covering trade in services and intellectual property in addition to goods. It also has more permanent legal structures compared to the provisional agreement under GATT. The replacement of GATT by the WTO aimed to establish a stronger global authority to govern international trade rules and disputes.

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    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 9

    INTRODUCTION OF GATT

    General Agreement on Tariffs and Trade(GATT)wasa


    multilateralagreementregulatinginternationaltrade.

    Itwascreatedin1948withtheaimofbolsteringinternational
    tradebyreducingtradebarriersbetweencountriesthrough
    negotiations.

    GATTwassignedby23nationsinGenevaonOctober30,1947
    andtookeffectonJanuary1,1948.
    Itisone-thirdoftheBrettonWoodssystemthatwascreated
    afterWorldWarIItoensureastabletradeandeconomicworld
    environment.

    ThelastroundofGATTwasheldinUrugaryin1993beforeit
    transformedintoWTO.

    ItwasreplacedbyWTOin1995afterprolongeddeliberations
    thatcontinuedforeightyearsinGATT.
    COMPARISION
    WORLD TRADE GENERAL AGREEMENT
    ORGANIZATION
    ORGANIZATION: OF TRADE AND TARIFF

    Ithaslegallypermanent ORGANIZATION:
    provision. Ithadaprovisionallegal
    MEMBERS: agreement.
    TherealmembersinWTO. MEMBERS:
    SCOPE: Thememberswerecalled
    ThescopeofWTOis contractingpartiesinGATT.
    broaderwithservicesand SCOPE:
    intellectualpropertyrights Itwaslimitedtotradein
    goodsonly.

    CONTD..
    WTO GATT

    POWER: POWER :
    It is more powerful. It was weak.
    DOMESTIC DOMESTIC
    LEGISLATION : LEGISLATION :
    It does not permit this It allowed domestic
    practice anymore. legislation to continue.
    INRTODUCTION OF WTO
    TheWorld Trade Organization(WTO)is
    anintergovernmentalorganizationwhich
    regulatesinternationaltrade.
    TheWTOofficiallycommencedon1January1995
    undertheMarrakeshAgreement,signedby123
    nationson15April1994,replacingtheGeneral
    AgreementonTariffsandTrade(GATT),which
    commencedin1948.
    Toincreasetheproductionandtradeofgoodsand
    services.
    CONTD..
    There are more than 125 members of WTO,
    and more than 90% of total international trade is
    governed by the rules of WTO.
    WTO has much stronger provisions for
    enforcement of the rules.
    This round reduced the tariffs by 40 % and
    initiatedagricultural subsidies
    WHY DID WTO REPLACE
    GATT
    GATTwas working very efficiently but powerful members
    ofGATTdecided to replace it with some globallevelregulating and
    governing authority. This became the reason for creation of WTO. This
    happened for various reasons. First of all,GATTwasapplicableonly on
    trading of merchandised goods. But WTO covers trading of services
    andIntellectualpropertiesalongwiththemerchandisedgoods.GATTwas
    highly bureaucratic structure, on the other hand WTO is faster in
    implementation of internationalagreementsand WTO enjoys more
    authoritywhileresolvingthedisputesbetweenmembercountries.
    CONTD..
    Beyondtheabovementionedoperationalandpracticalreasons,
    varioussymbolicandphilosophicalreasonsalsoparticipatedin
    replacementofGATTwithWTO.GATTwasactuallyjustaset
    ofinstructionsandrules,withnoorganizationalorinstitutional
    foundation.Therewasnocentralbodytoregulatethe
    functioningofGATTanditsmembercountries.Ontheother
    handWTOisapermanentfull-fledgedinternationalinstitution
    withitsownindependentsecretariat.
    CONTD.
    Moreover,GATTagreementsweresubjecttothewillingness
    ofmembercountriestoimplementit.Itwasquitepossiblethat
    oneormoremembercountriesrefusedtoimplementthe
    signedagreementssimplyduetovariousmiscellaneouslocal
    reasonsandnoonewastheretoaccounttheirresponsibilityof
    implementation.ButcommitmentsofWTOarepermanentand
    reliable.

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