GATT: GATT is the predecessor of WTO Born in 1948 as a result of the international desire to liberalize trade Lasted until

1994, when it was replaced by the World Trade Organization.

WTO: World Trade Organization The organization officially commenced on January 1, 1995 deals with regulation of trade between participating countries The WTO has 153 members headquarters is at the Centre William Rappard, Geneva, Switzerland.

Geneva Geneva Round Round Annecy Annecy Round Round

April 1947 April 1947 7 months 7 months April 1949 April 1949 5 months 5 months

23 countries Tariffs as 23 countries Tariffs as main subject main subject 13 countries Tariffs as 13 countries Tariffs as main subject main subject

Achieved 45000 tariff Achieved 45000 tariff concessions affecting 410 concessions affecting 410 billion of trade billion of trade Countries exchanged some Countries exchanged some 5000 tariff concessions 5000 tariff concessions

Torquay Torquay Round Round GenevaII GenevaII Round Round

Sep 1950 Sep 1950 8 months 8 months Jan 1956 Jan 1956 5 months 5 months

38 countries Tariffs as 38 countries Tariffs as main subject main subject 26 countries Tariffs as 26 countries Tariffs as main subject main subject

Cutting of 1948 tariff levels by Cutting of 1948 tariff levels by 25% 25% Cutting of $2.5 billion tariffs Cutting of $2.5 billion tariffs

Dillon Dillon Round Round

Sep 1960 Sep 1960 11 months 11 months

26 countries Tariffs as 26 countries Tariffs as main subject main subject

Tariff concession worth $4.9 Tariff concession worth $4.9 billion of world trade billion of world trade

Kennedy May 1964 Kennedy May 1964 Round 37 months Round 37 months Tokyo Tokyo Round Round Sep 1973 Sep 1973 74 months 74 months

62 countries Tariffs, anti62 countries Tariffs, antidumping as dumping as main subject main subject 102 102 countries countries Tariffs, NonTariffs, Nontariff tariff measures measures Tariffs, NonTariffs, Nontariff tariff measures, measures, dispute dispute settlement, settlement, textiles, textiles, agriculture agriculture Tariffs, NonTariffs, Nontariff tariff measures, measures, agriculture, agriculture, labour labour standards, standards, environment environment

Tariff concessions worth $40 Tariff concessions worth $40 billion of world trade billion of world trade Tariff reduction worth more Tariff reduction worth more than $300 billion of world than $300 billion of world trade trade The round led to the creation The round led to the creation of WTO, extended the range of WTO, extended the range of trade negotiations, about of trade negotiations, about 40% of tariff reductions, full 40% of tariff reductions, full access to import and export access to import and export textiles and clothing textiles and clothing

Uruguay Sep 1986 Uruguay Sep 1986 Round Round 87 months 87 months

123 123 countries countries

Doha Doha Round Round

Nov 2001 Nov 2001

141 141 countries countries

The round is not yet The round is not yet concluded concluded

Functions:
Overseas the implementation, administration and operations of covered agreements. provides forum for negotiations and settlement of disputes. review and ensure the transparency of trade policies Centre of economic research and analysis co-operates with other two components of Bretton woods system, the IMF and the World bank

NonDiscrimination

Transparency

Principles
Binding & Enforceable Commitments

Safety-Valves

A wishing country submits an application to General Council describing all of its trade and economic policies the application after being submitted in memorandum of WTO, is examined by a working party The working party determines the terms and conditions of entry into WTO In final phase of accession bilateral negotiations between the applicant nation and other working party members is done After that the working party sends an accession package to General Council After approved by General Council the applicant

Agreement on Agriculture (AoA)

General Agreement on Trade in Services (GATS)

Trade Related Aspects of Intellectual Property Rights Agreement

Sanitary and Phyto -Sanitary Agreement (SPS)

Agreement on Technical Barriers to Trade (TBT)

GATT
GATT was Ad Hoc and provisional. GATT has contracting parties.

WTO
WTO and its agreements are permanent. WTO has members.

GATT system allowed existing WTO does not permit this. domestic legislation to continue even if it violated a GATT agreement. GATT was less powerful, WTO is more powerful, dispute dispute settlement system was settlement mechanism is faster slow and less efficient, its & efficient, very difficult to ruling could be easily blocked. block the rulings.

The WTO Is Fundamentally Undemocratic The WTO Will Not Make Us Safer The WTO Tramples Labor and Human Rights The WTO Would Privatize Essential Services The WTO Is Destroying the Environment The WTO is Killing People The WTO is Increasing Inequality The WTO is Increasing Hunger The WTO Hurts Poor, Small Countries in Favor of Rich Powerful Nations The WTO Undermines Local Level Decision-Making and National Sovereignty There are Alternatives to the WTO The Tide is Turning Against Free Trade and the WTO!

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