Gatt Functions And Agreements

While THE GATT was a set of rules agreed upon by nations, the WTO is an intergovernmental organization with its own headquarters and staff, whose scope covers both traded goods and trade in the service sector and intellectual property rights. Although used for multilateral agreements, multilateral agreements have led to selective exchanges and fragmentation among members in several rounds of negotiations (particularly the Tokyo Round). WTO agreements are generally a multilateral mechanism for the settlement of GATT agreements. [24] GATT continues to live as the basis of the WTO. The 1947 agreement itself no longer exists, but its provisions were incorporated into the 1994 GATT agreement. Trade agreements should thus continue to operate during the wto`s implementation. That is why the 1994 GATT is an integral part of the WTO agreement. In addition to expanding and revising the terms of the GATT, these negotiations have resulted in the adoption of numerous new multilateral treaties on trade in services, 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 THE GATT as a global framework for international trade following the Uruguay Round and came into force in 1995. Agriculture has been essentially excluded from previous agreements, as it has been granted special status in the areas of import quotas and export subsidies, with slight reserves. However, at the time of the Uruguay Round, many countries considered the agricultural exception so egregious that they refused to sign a new no-move agreement for agricultural products.

These fourteen countries were known as the “Cairns Group” and consisted mainly of small and medium-sized agricultural exporters such as Australia, Brazil, Canada, Indonesia and New Zealand. The GATT came into force on January 1, 1948. From the beginning, it was refined, which eventually led to the creation, on 1 January 1995, of the World Trade Organization (WTO), which absorbed and extended it. To date, 125 nations signed their agreements, which covered about 90% of world trade. , 1948. It remained one of the priorities of international trade agreements until its replacement by the WTO on 1 January 1995. To date, 125 nations signed their agreements, which covered about 90% of world trade. After the Second World War, the distorting effects of world trade, which are not trade fairs, were reduced. The Tokyo Round, held in 1973-79, looked at the problems of non-tariff barriers in a more effective international discipline. All agreements provide for special and more favourable treatment for developing countries.