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What Is General Agreement Tariff And Trade

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Since 1995, GATT has been replaced by the World Trade Organization (WTO), a multilateral body at the same level as the International Monetary Fund and the World Bank. It is working to deepen the process of trade liberalization between nations so that it can contribute more broadly to boosting global economic growth. Its objectives include liberalizing agricultural trade, abolishing protectionism measures other than tariffs and quotas, and strengthening mechanisms for resolving trade disputes between nations. It is also working to broaden its scope to trade services, capital flows and technological transport, as well as environmental measures related to global trade. It is hoped that this new entity will create a stable legal basis for trade relations between all countries and revive global economic growth, taking into account new trends in open trade, globalization and competitiveness between nations. Japan`s strong economic growth played an important role in its later role as an exporter, but the kennedy Round`s centre of gravity has always been the relationship between the United States and the EEC. In fact, there was an influential American view that saw what became the Kennedy Round as the beginning of a transatlantic partnership that could ultimately lead to a transatlantic economic community. The GATT had three main provisions. The most important requirement was that each member be obliged to confer the status of the most favoured country on any other member. All members must be treated the same with respect to tariffs. It excluded special tariffs between members of the British Commonwealth and the Customs Union. It allowed tariffs if their removal causes serious damage to domestic producers. The GATT came into force on January 1, 1948.

From the beginning, it was refined, which eventually led to the creation, on 1 January 1995, of the World Trade Organization (WTO), which absorbed and expanded it. To date, 125 nations signed its agreements, which covered about 90% of world trade. which took place from 1964 to 1967. It was named after U.S. President John F. Kennedy in recognition of his support for the reformulation of the U.S. trade agenda, which culminated in the Trade Expansion Act in 1962. This legislation has given the president the greatest bargaining power of all time.

The third element of the GATT structure, which was later incorporated into the WTO, is an institutional presence maintained by the work of its secretariat. It is important that the Secretariat largely monitors the implementation of dispute resolution bodies that, in fact, define the mechanism for enforcing the rules of the trading system within the WTO system. These dispute resolution bodies have accelerated considerably in recent years and have culminated in decisions in a number of key areas, including banana trade (see THE WTO Director-General`s statement to the WTO General Council, 8 March 1999). DECISIONS of WTO bodies on the GATT agreement are contained in the WTO`s Guide to Analytical Indexes on Law and Practice The General Agreement on Tariffs and Trade was a free trade agreement that eliminated tariffs and increased international trade. , 1995. The agreement ended with the more robust World Trade Organization (WTO) replacement. In addition to facilitating applied tariff reductions, GATT`s contribution to trade liberalization involves “the commitment of tariff reductions negotiated for an extended period (which became more permanent in 1955), the determination of general discrimination by the nation`s most favoured treatment (MFN) and the status of national treatment, which ensures greater transparency of trade policies. and to create a forum for future negotiations and the peaceful settlement of bilateral disputes.