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Gatt and Wto

Gatt and Wto

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Published by rohitk55

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Published by: rohitk55 on Jul 27, 2009
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11/17/2012

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GATT AND WTORealizing that trade will suffer if there is no properorganization and agreement to regulate trade policy camethe General Agreement on Traiffs and Trade [GATT] in1947-48 to ensure orderly and transparent internationaltrade. The fundamental principles of such agreement are:1.Most favoured nation [MFN] every signatory willextend to every other signatory member, the sameand the equal treatment in a non discriminatorymanner.2.National treatment, imported goods and domesticallyproduced goods will be treated alike.GATT is a multinational treaty that was signed in 1948 by102 countries with the objective of bringing down thetariffs and non tariff barriers to international trade. The Uruguay Round Agreements of GATT [1986 to 1994]envisaged an increase in the coverage of the legalprovisions and establishment of WTO occurred. The WTO was formed in 1995 with GATT with the objectiveto help producers of goods and services, exporters andimporters conduct their business internationally.Ministerial Conference held once every 2 years would beprimary decision making body of WTO. The General Council of WTO is responsible for overseeingregulatory operations and acts as a body for disputesettlement mechanism. The arguments for a country to join WTO can be listedbelow:
Disputes are settled officially.
WTO rules are consumer friendly
Free trade cuts the cost of many goods
WTO provides more choices of products.

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