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General Agreement on Tariff & Trade
• General Agreement on Tariff & Trade was adopted in 1948with 23 founding members including India. • GATT: to establish free & fair international trading regime among member counties by liberalising global trade – removing all trade barriers – tariffs & non tariff restrictions. • HQ: Geneva, Switzerland. • 8 round of negotiation was held under GATT, last being Uruguay round in 1986-1994.
Why World Trade Organisation?
• GATT had no dispute settlement process unlike WTO. • GATT was essentially concerned with traditional trade issues such as tariff, quota etc while WTO encompasses many more areas. Word Trade Organisation
• Established in 1995 • HQ: Geneva, Switzerland • Members: 164 • Voting: One country – One vote • Foundational principles of WTO a) National treatment: Prohibits discrimination between imported and domestically produced goods w.r.t taxation or other govt regulation. b) Most Favoured Nation (MFN): treating one’s trading partner equally on the principle of non discrimination. c) Special & Differential treatment (S&D): gives developing countries certain privileges as compared to developed countries. • WTO agreements: WTO oversees about 60 different agreements. Member country must sign and ratify all WTO agreements on accession. I. The agreement on agriculture(AOA) I. Domestic support: Green box, Amber Box, Blue Box. II. Export subsidies III. Market accesss II. GATS III. TRIPS IV. SPS agreement.
