Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
8Activity
0 of .
Results for:
No results containing your search query
P. 1
International Organization

International Organization

Ratings: (0)|Views: 121|Likes:
General Agreement on Tariffs and Trade
The General Agreement on Tariffs and Trade (typically abbreviated GATT) was negotiated during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO). GATT was formed in 1947 and lasted until 1994, when it was replaced by the World Trade Organization in 1995. The original GATT text (GATT 1947) is still in effect under the WTO framework, subject to the modifi
General Agreement on Tariffs and Trade
The General Agreement on Tariffs and Trade (typically abbreviated GATT) was negotiated during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO). GATT was formed in 1947 and lasted until 1994, when it was replaced by the World Trade Organization in 1995. The original GATT text (GATT 1947) is still in effect under the WTO framework, subject to the modifi

More info:

Published by: MOHAMMAD SAIFUL ISLAM on May 01, 2010
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as DOC, PDF, TXT or read online from Scribd
See more
See less

07/30/2014

pdf

text

original

 
General Agreement on Tariffs and Trade
The
General Agreement on Tariffs and Trade
(typically abbreviated
GATT
) wasnegotiated during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization  (ITO). GATT was formed in 1947 and lasted until 1994, when it was replaced by theWorld Trade Organization in 1995. The original GATT text (GATT 1947) is still ineffect under the WTO framework, subject to the modifications of GATT 1994.
[edit] Inception
Efforts to negotiate international trade agreements began in 1927 at the League of  Nations but were unsuccessful. The precursor organization to the GATT, called theInternational Trade Organization(ITO), was first proposed in February 1945 by theUnited Nations Economic and Social Council.
The negotiating countries of the ITO began parallel negotiations for the GATT as a way to introduce early tariff cuts. The plancalled for the ITO to take control over GATT, once the ITO was finalized. Owing to theUnited States failing to implement the ITO, GATT was the only organization left.On 1 January, 1948 the agreement was signed by 23 countries:Australia,Belgium,  Brazil, Burma,Canada,Ceylon, Chile, China, Cuba, theCzechoslovak Republic,France, India,Lebanon,Luxembourg, Netherlands, New Zealand, Norway, Pakistan, Southern Rhodesia,Syria,South Africa, theUnited Kingdom,and theUnited States. According to GATT's own estimates, the negotiations created 123 agreements that covered 45,000tariff items that related to approximately one-half of world trade or $10 billion in trade.
[edit] History
TheBretton Woods Conferencehad introduced the idea for an organization to regulatetrade as part of a larger plan for economic recovery after World War II. As governmentsnegotiated the ITO, 15 negotiating states began parallel negotiations for the GATT as away to attain early tariff reductions. Once the ITO failed in 1950, only the GATTagreement was left. The GATT's main objective was the reduction of barriers tointernationaltrade.This was achieved through the reduction of tariff barriers, quantitative restrictionsand subsidieson trade through a series of agreements. The GATT was a treaty, not anorganization although a small secretariat occupied what is today the Centre WilliamRappardin Geneva, Switzerland. The functions of the GATT were taken over by theWorld Trade Organization which was established during the final round of negotiationsin early 1990s.The history of the GATT can be divided into three phases: the first, from 1947 until theTorquay Round, largely concerned which commodities would be covered by the1
 
agreement and freezing existing tariff levels. A second phase, encompassing threerounds, from 1959 to 1979, focused on reducing tariffs. The third phase, consisting onlyof theUruguay Roundfrom 1986 to 1994, extended the agreement fully to new areassuch asintellectual property,services, capital, andagriculture. Out of this round the WTO was born.GATT signatories occasionally negotiated new trade agreements that all countries wouldenter into. Each set of agreements was called a
round 
. In general, each agreement boundmembers to reduce certaintariffs. Usually this would include many special-casetreatments of individual products, with exceptions or modifications for each country.
[edit] GATT 1947 in the US
The GATT, as an international agreement, is atreaty.Under United States lawit is classified as acongressional-executive agreement. Based on the Reciprocal Trade Agreements Act it allowed the executive branch negotiating power over trade agreementswith temporary authority from Congress. At the time it functioned as a provisional, but promising trade system.The agreement is based on the "
unconditional most favored nation  principle
" This meansthat the conditions applied to the most favored trading nation (i.e. the one with the fewestrestrictions) apply to all trading nations. In the US, there was large opposition against theInternational Trade Organization (which had been ratified in several countries), and thusPresident Truman never even submitted it to the Congress.
[edit] Rounds
GATT held a total of 8 rounds.
[hide]
GATT and WTO trade rounds
NameStartDurationCountriesSubjectscoveredAchievementsGeneva
April 19477 months23TariffsSigning of GATT, 45,000tariff concessionsaffecting $10 billion of trade
Annecy
April 19495 months13TariffsCountriesexchangedsome 5,000tariff concessions
Torquay
September 19508 months38TariffsCountriesexchangedsome 8,700tariff 
2
 
concessions,cutting the1948 tariff levels by 25%
Geneva II
January 19565 months26Tariffs,admission of Japan$2.5 billion intariff reductions
Dillon
September 196011 months26TariffsTariff concessionsworth $4.9 billion of world trade
Kennedy
May 196437 months62Tariffs,Anti-dumpingTariff concessionsworth $40 billion of world trade
Tokyo
September 197374 months102Tariffs, non-tariff measures,"framework"agreementsTariff reductionsworth morethan $300 billion dollarsachieved
September 198687 months123Tariffs, non-tariff measures,rules,services,intellectual property,disputesettlement,textiles,agriculture,creation of WTO, etcThe round ledto the creationof WTO, andextended therange of tradenegotiations,leading tomajor reductions intariffs (about40%) andagriculturalsubsidies, anagreement toallow fullaccess for 
textiles
andclothing fromdevelopingcountries, andan extension of intellectual propertyrights.
 November 2001?141Tariffs, non-tariff measures,The round isnot yetconcluded.
3

Activity (8)

You've already reviewed this. Edit your review.
1 thousand reads
1 hundred reads
lafecta liked this
lafecta liked this
checo20 liked this
Andra Scripcaru liked this
nardi77 liked this

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->