Tariffs, non-tariff measures, agriculture, labor standards, environment, competition, investment, transparency, patents etc.
As embodied in unconditional most-favoured nation clauses, this meant that once a country and its largest trading partners had agreed to reduce a tariff, that tariff cut was automatically extended to every other GATT member.
GATT included a long schedule of specific tariff concessions for each contracting nation, representing tariff rates that each country had agreed to extend to others. Another fundamental principle was that of protection through tariffs rather than through import quotas or other quantitative trade restrictions; GATT systematically sought to eliminate the latter.
Other general rules included uniform customs regulations and the obligation of each contracting nation to negotiate for tariff cuts upon the request of another.
An escape clause allowed contracting countries to alter agreements if their domestic producers suffered excessive losses as a result of trade concessions. The most important rounds were the so-called Kennedy Round —67the Tokyo Round —79and the Uruguay Round —94all held at Geneva. The treaty also created a new and stronger global organization, the WTO, to monitor and regulate international trade.
Its principles and the many trade agreements reached under its auspices were adopted by the WTO. Learn More in these related Britannica articles:General Agreement on Tariffs and Trade (GATT) was a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.
According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of. The World Trade Organization (WTO) is the single global international organization dealing with the rules related to international trade.
WTO’s agreements are negotiated and signed by . The WTO came into being in , succeeding the General Agreement on Tariffs and Trade (GATT) that was established in The work of the IMF and the WTO is complementary. A sound international financial system is needed to support vibrant international trade, while smoothly flowing trade helps reduce the risk of payments imbalances and.
GATT stipulated several of basic principle to conduct the contracting parties in international business, such as General Most-Favored-Nation Treatment (Article II), Non-discriminatory Administration of Quantitative Restrictions (Article XIII), and General Elimination of Quantitative Regulations (Article XI) and so on in the “GATT ".
The World Trade Organization (WTO) is an intergovernmental organization that regulates international trade.
The WTO officially commenced on 1 January under the Marrakesh Agreement, signed by nations on 15 April , replacing the General Agreement on Tariffs and Trade (GATT), which commenced in It is the largest .
International Business Gatt to Wto Research Paper and was the outcome of the failure of negotiating governments to create the International Trade Organization (ITO). GATT was formed in GATT was a multilateral trade agreement The General Agreement on .