Scribd
Upload
58 views

General Agreement On Tariffs and Trade

The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement signed in 1947 that aimed to reduce trade barriers and encourage global trade. It was a result of the failed attempt to create the International Trade Organization. GATT underwent eight rounds of negotiations to reduce tariffs and expand free trade. In 1995, the World Trade Organization was established to replace GATT and oversee international trade agreements and dispute resolution.

Uploaded by

Crbasera
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
58 views

General Agreement On Tariffs and Trade

The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement signed in 1947 that aimed to reduce trade barriers and encourage global trade. It was a result of the failed attempt to create the International Trade Organization. GATT underwent eight rounds of negotiations to reduce tariffs and expand free trade. In 1995, the World Trade Organization was established to replace GATT and oversee international trade agreements and dispute resolution.

Uploaded by

Crbasera
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
You are on page 1/ 15

General Agreement on Tariffs and Trade

Globalization started blossoming in the


1890s. By the end of the 19th century, trade was
very free.

Globalization then
began failing at the
end of World War I, at
the beginning of the
20th century.

Economic pressure pushed countries to


impose trade barriers to divert national demand
away from imports and toward domestically
produced goods.

A prospective organ proposed by the Bretton


Woods Conference to establish rules and
regulations for international trade

The ITO charter was agreed on at the UN


Conference on Trade and Employment in
March 1948, but was never ratified by the
US Senate, thus never coming into existence

Why was it not ratified?

UN members countries were then too anxious to


begin trade liberalization

Much of its political support had evaporated

US State and Treasury Departments were busy with


US reciprocal trade agreements with individual
countries

The Cold War began, and the ITO became only of


secondary interest to US politicians and bureaucrats

A multilateral agreement regulating


international trade

Aims for substantial reduction of tariffs and


other trade barriers, and the elimination of
preferences, on a reciprocal and mutually
advantageous basis

Negotiated during the UN Conference on Trade


and Employment, and was the outcome of the
failure of negotiating governments

HOW DID GATT SURVIVE?

Back then, it was still seen as temporary

It contained almost no constraining


institutional arrangements

The GATT system, albeit successful (due to


highly pragmatic leadership), was imperfect,
and so a series of rounds of laborious process of
item-by-item tariff negotiations were held.

GENEVA

ANNECY

TORQUAY

April 1947
Signing of GATT
45,000 tariff concessions affecting $10 billion of trade

April 1949
Around 5,000 counts of tariff reductions

September 1950
Around 8,700 tariff concessions, cutting 1948 tariff

levels by 25%
GATT was established as a governing world body

GENEVA II
January 1956
$2.5 billion in tariff reductions

Admission of Japan

DILLON
September 1960
$4.9 billion in tariff reduction
Creation of the European Economic Community (EEC)

KENNEDY
May 1964
Adoption of Part IV of the GATT absolution from

according reciprocity to developed countries


Reduction of $40 billion in tariffs
Adoption of an anti-dumping code

TOKYO
September 1973
Reduction of more than $300 billion in tariffs
Control of the proliferation of non-tariff barriers and

voluntary export restrictions

Failing manufacturing industries sought protection


from international competition.
There followed a series of Congressional initiatives
that were basically protectionist.

The Reagan Administration sought to counter this


protectionist trend by calling for a new round of
global trade.

URUGUAY
September 1986
Extension into the areas of agricultural, textile and

clothing, and service industries


Protection of intellectual property rights
Improved system of settling trade disputes
World Trade Organization (WTO) was established to rule

on claims of treaty violation

WTO replaced GATT as an international organization


GATT still exists as the WTOs umbrella treaty for trade in goods

DOHA
November 2001
Current trade-negotiation round of the World Trade

Organization
Issues:

Agriculture
Access to patented medicines
Special and differential treatment
Implementation issues

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy