General Agreement On Tariffs And Trade Was Replaced By

The third provision was added in 1965 and was aimed at developing countries that join the GATT. Developed countries have agreed to eliminate tariffs on imports from developing countries in order to stimulate these economies. Lower tariffs have also benefited industrialized countries. As THE GATT has attracted middle-class consumers worldwide, the demand for trade with industrialized countries has increased. Most nations have adopted the nation`s most preferred principle when setting tariffs, which has largely replaced quotas. Tariffs (preferably quotas, but still an obstacle to trade) have in turn been constantly reduced in successive rounds of negotiations. APEC is a forum for 21 peripheral Pacific countries that want to promote free trade and economic cooperation throughout the Asia-Pacific region. The General Agreement on Tariffs and Trade (GATT) is a multilateral agreement regulating international trade. In addition to facilitating applied tariff reductions, GATT`s contribution to trade liberalization includes „the commitment of extended-term tariff reductions (which became more sustainable in 1955), the definition of universality of non-discrimination through the treatment of the most favoured nation (MFN) and the status of domestic treatment, ensuring greater transparency in trade policies and creating a forum for negotiations and the peaceful settlement of bilateral disputes.

All of these have helped to streamline trade policy and reduce trade barriers and political uncertainty. [4] GATT was first discussed at the United Nations Conference on Trade and Employment in Havana (1947), where the idea of the creation of the International Trade Organization (ITO) was proposed (see United Nations). It was hoped that the ITO would complement the World Bank and the International Monetary Fund (IMF) in promoting international economic cooperation. While more than 50 nations negotiated the ITOs and organized their constituent acts, preparatory meetings for the GATT were held. After several meetings, Canada and 22 other nations signed on October 30, 1947 in Geneva gatt. The agreement came into force on January 1, 1948. It was initially considered an interim agreement that was to be replaced by the ITO. After the U.S. withdrawal from the ITO in 1950, the focus shifted to GATT (see also globalization). While regular trade negotiations were conducted and refined regularly between Member States, eight multilateral trade conferences (so-called rounds) took place between 1947 and 1994 (see international trade).

The GATT was founded in the first round in 1947, then the tours took place in Annecy, France (1949) and Torquay, England (1951). All other tours took place in Geneva in 1956, 1960/62 (Dillon tower), 1964/67 (Kennedy Round), 1973/79 (Tokyo Round) and 1986/94 (Uruguay Round). The main round of GATT negotiations was the Uruguay Round, which began in September 1986.