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GATT/WTO
The General Agreement on Tariffs and Trade (GATT) was a multilateral agreement regulating international trade
GATT was signed in 1947 with 23 founder countries and lasted until 1994, when it was replaced by the World Trade Organization in 1995.
GATT's main function is to promote fair trade among member nations by reducing and regulating trade tariffs and by providing a common way to solve any sort of trade dispute
The 75 existing GATT members and the European Communities became the founding members of the WTO on 1 January 1995 The World Trade Organization (WTO) is an organization that intends to supervise and liberalize international trade
Essentially, the WTO is a place where member governments try to sort out the trade problems they face with each other. WTO agreements- legal ground rules for international commerce./contracts
to help trade flow as freely as possible means removing obstacles the confidence that there will be no sudden changes of policy
Fact file
Location: Geneva, Switzerland Established: 1 January 1995 Created by: Uruguay Round negotiations (1986-94)
Functions:
Administering WTO trade agreements Forum for trade negotiations Handling trade disputes Monitoring national trade policies
Japan launches WTO dispute against China over stainless steel Japan has launched a complaint against China at the World Trade Organization (WTO) to challenge anti-dumping duties levied by China on Japanese exports of high performance stainless steel seamless tubes
one of the four principal legal agreements of the WTO trade treaty. TRIMs are rules that restrict preference of domestic firms and thereby enable
imported goods.
Trading Blocks
A trading bloc is a group of countries that join together in some form of agreement in order to increase trade between themselves and/or to gain economic benefits from cooperation on some level.
Customs Union
A customs union involves the removal of tariff barriers
between members, plus the acceptance of a common
Common Market
This means that all barriers to trade in goods,
services, capital, and labour are removed. In
Trade Blocks
EU ASEAN SAARC NAFTA