ASSINGMENT
EXPLAIN OBJECTIVE AND FUNDAMNETAL PRINCIPLE OF GATT IN
DETAIL?
906
5TH SEM LLB 3 YEAR
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An in-depth explanation of the General Agreement on Tariffs and Trade (GATT), a legal agreement aimed at promoting international trade by reducing or eliminating trade barriers. Signed in 1947, GATT has undergone several rounds of negotiations, leading to significant tariff reductions and the creation of the World Trade Organization (WTO). The main objective of GATT was to expand international trade and bring about economic prosperity. Key principles include most-favored nation status, national treatment, protection through tariffs, and dispute settlement.
What you will learn
- How have the rounds of GATT negotiations impacted international trade?
- What was the main objective of the General Agreement on Tariffs and Trade (GATT) in 1947?
- What are the key principles of the General Agreement on Tariffs and Trade (GATT)?
Typology: Assignments
2020/2021
Uploaded on 03/23/2021
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ASSINGMENT
EXPLAIN OBJECTIVE AND FUNDAMNETAL PRINCIPLE OF GATT IN
DETAIL?
906 5TH SEM LLB 3 YEAR
INTRODUCTION
- GAAT general agreement on trade and tariff is a
legal agreement between many countries whose
overall purpose was to promote international trade
by reducing or eliminating trade barriers.
- GAAT was signed by 23 nations in Geneva on 30
Oct.1947.
- Foot effect on 1 Jan. 1948.
- Reason for GATT: -
The failure to create the international trade
organization ITO resulted in the GATT
foundation.
(After world war 2 depression)
- ITO failed.
- Negotiations around a specific set of issues leading
to agreement called ROUND.
- ROUNDS OF GATT: -
Bretton woods conference
International Bank for reconstruction and development.
International
Monetary funds.
MAIN OBJECTIVE OF GATT 1947
- The main objective of GATT 1947 was to expand international trade and bring about economic prosperity.
- The preamble of GATT mentions the main objective of GATT as follows: - i. Raising standard of living. ii. Ensuring full employment at large and growing volume of real income and effective demand. iii. Better utilisation of resources of the world and, iv. Expansion of international trade. FUNDAMENTAL OF GATT MOST FAVOURED NATION STATUS The most favoured treatment should be provided in relation to tariff and related matters by a GATT member to any trading partner. The GATT allows some exceptions, primarily for customs union such as European union, free trade areas established by the U.S. Canada free trade agreement and Tokyo round code, such as those on anti-dumping, subsides and government procurement. NATIONAL TREATMENT GATT members must give imported goods treatment the same that is accorded to domestic goods in domestic market.
PROTECTION THROUGH TARIFFS
The GATT generally prohibits quantitative restrictions or quota. Instead, contracting parties are expected to provide protections by means of tariffs which are transparent and subject of negotiation in the GATT. DISPUTE SETTLEMENT The Uruguay round table negotiations provide automatic and effective dispute resolutions.