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    Gatt & Wto 1821216630

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    lamisha tasnim
    The General Agreement on Tariffs and Trade (GATT) aims to reduce trade barriers and promote non-discrimination between trading partners. It does this through negotiating tariff and non-tariff reductions, establishing rules on safeguards, and providing a forum to consult and settle trade disputes. The World Trade Organization (WTO) administers trade agreements, facilitates negotiations, settles disputes, reviews national trade policies, supports developing economies, and cooperates with other international organizations to promote free and fair global trade.

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    Gatt & Wto 1821216630

    Uploaded by

    lamisha tasnim
    138 views2 pages
    The General Agreement on Tariffs and Trade (GATT) aims to reduce trade barriers and promote non-discrimination between trading partners. It does this through negotiating tariff and non-tariff reductions, establishing rules on safeguards, and providing a forum to consult and settle trade disputes. The World Trade Organization (WTO) administers trade agreements, facilitates negotiations, settles disputes, reviews national trade policies, supports developing economies, and cooperates with other international organizations to promote free and fair global trade.

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    GATT & WTO 1821216630

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    The General Agreement on Tariffs and Trade (GATT) aims to reduce trade barriers and promote non-discrimination between trading partners. It does this through negotiating tariff and non-tariff reductions, establishing rules on safeguards, and providing a forum to consult and settle trade disputes. The World Trade Organization (WTO) administers trade agreements, facilitates negotiations, settles disputes, reviews national trade policies, supports developing economies, and cooperates with other international organizations to promote free and fair global trade.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    138 views2 pages

    Gatt & Wto 1821216630

    Uploaded by

    lamisha tasnim
    The General Agreement on Tariffs and Trade (GATT) aims to reduce trade barriers and promote non-discrimination between trading partners. It does this through negotiating tariff and non-tariff reductions, establishing rules on safeguards, and providing a forum to consult and settle trade disputes. The World Trade Organization (WTO) administers trade agreements, facilitates negotiations, settles disputes, reviews national trade policies, supports developing economies, and cooperates with other international organizations to promote free and fair global trade.

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    Functions of General Agreement on Tariffs and Trade (GATT)

    1. Most favored nation clause – Here, all engaged countries would be considered as
    the most favored nations. If there is benefit extended, then all the countries will have
    the privilege, and there would be no discrimination among nations.

    2. Trade negotiations - General Agreement on Tariffs and Trade (GATT) member


    countries negotiations to tariff and nontariff trade barriers.

    3. Tariff and non-tariff measures – These can affect the price of traded products and
    the quantity traded. Tariff and non-tariff measures have a direct impact on
    international trade. GATT support by negotiations to reduce these.

    4. Safeguards – This is an emergency action to increased imports of particular


    products. 

    5. Complaints and waivers – In here, the GATT member countries can consult one
    another on trade matters and problems.

    6. Settlement of disputes – GATT helps to settlement problems by consulting one


    another on trade matters.

    Functions of the World Trade Organization (WTO)


    1. Administering Trade Agreements – There are several barriers, including tariffs, non-
    tariff barriers, during international trade. Administering trade agreements help to remove
    those barriers by the arrangement between countries.
    2. Acting as A Forum for Trade Negotiations - WTO facilitates negotiations among
    countries to create an international legal structure that ensures the exchange of goods and
    services among member countries properly.
    3. Settling Trade Disputes – Whenever a member believes that another member is
    violating an agreement, WTO settles this issue through trade disputes. They decide by
    mutually agreed solution or through adjudication.
    4. Reviewing National Trade Policies - Reviewing national trade policies is the act where
    the agreements made between the countries are checked and evaluated
    5. Building the Trade Capacity of Developing Economies - The World Trade
    Organization intends to support the developing countries to develop their trade
    facility and grants them a long time to implement trade agreements.
    6. Cooperating with Other International Organizations – This is a mutually supportive
    relationship between the World Trade Organization and the World Intellectual Property
    Organization.

    Reference
    1. Marketing, I., & (GATT), F. Functions of General Agreement on Tariffs and Trade
    (GATT). Accountlearning.com. Retrieved 3 November 2020, from
    https://accountlearning.com/functions-of-general-agreement-on-tariffs-and-trade-gatt/.
    2. WTO | The WTO in brief. Wto.org. Retrieved 3 November 2020, from
    https://www.wto.org/english/thewto_e/whatis_e/inbrief_e/inbr_e.htm.

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