General Agreement On Tariffs And Trade Functions

The fourth round returned to Geneva in 1955 and lasted until May 1956. Twenty-six countries participated in the round. Tariffs of $2.5 billion have been abolished or reduced. The average level of tariffs of the major GATT participants was about 22% in 1947. [4] Following the first rounds of negotiations, tariffs within the GATT core of the United States, the United Kingdom, Canada and Australia were reduced compared to other contracting parties and non-GATT participants. [4] In the Kennedy Round (1962-67), the average level of tariffs of GATT participants was about 15%. [4] After the Uruguay Round, tariffs were below 5%. [4] The claim that Article 24 could be used in this way has been criticised as unrealistic by Mark Carney, Liam Fox and others, since paragraph 5c of the Treaty requires that there be agreement between the parties so that paragraph 5b can be useful in the event of a no-deal scenario. There would be no agreement. In addition, critics of the GATT 24 approach point out that services would not be covered by such regulation. [28] [29] The Uruguay Round began in 1986. This was the most ambitious round to date, starting in 1986, in which GATT competences were to be extended to important new areas such as services, capital, intellectual property, textiles and agriculture.

123 countries participated in the round. The Uruguay Round was also the first round of multilateral trade negotiations in which developing countries played an active role. [16] While the GATT was a set of rules agreed upon by nations, the WTO is an intergovernmental organization with its own headquarters and staff, and its scope encompasses both trade in goods, trade in services and intellectual property rights. Although intended to serve as multilateral agreements, plurilateral agreements have resulted in selective trade and fragmentation of members in several rounds of GATT negotiations (notably Tokyo). WTO agreements are generally a multilateral GATT resolution mechanism. [24] In addition to the expansion and revision of gatt provisions, these negotiations have resulted in the adoption of numerous new multilateral treaties on trade in services, the international treatment of intellectual property and the creation of the WTO in order to settle all these agreements and settle disputes between members. The WTO would succeed GATT as a comprehensive framework for international trade at the end of the Uruguay Round and would enter into force in 1995. Gatt entered into force in January. 1, 1948. Since these beginnings, it has been refined, which eventually gave rise to the creation of the World Trade Organization (WTO) on January 1, 1995, which took it over and expanded.

At that time, 125 nations were signatories to their agreements, which covered about 90% of world trade. The prosperity of the world economy over the past half century is due in large part to the growth of world trade, which is partly the result of far-sighted officials who created GATT. They defined a number of procedures that would bring stability to the trading environment, thus facilitating the rapid growth of world trade. In the long term, the original GATT conferences have helped lay a solid foundation for the global economy, improving the livelihoods of hundreds of millions of people around the world. .