GATT a brief

By
Group 1
Swetha K. (9022)
Nehal Bisen (9080)
Rohit Mohta(9095)

What is GATT ?
The General Agreement on Tariffs and Trade (GATT) was a multilateral
agreement regulating international trade.
Its purpose was the substantial reduction of tariffs and other trade barriers
and the elimination of preferences, on a reciprocal and mutually advantageous
basis.
It was negotiated during the United Nations Conference on Trade and
Employment and was the outcome of the failure of negotiating governments
to create the International Trade Organization (ITO).
GATT was signed in 1947, took effect in 1948, and lasted until 1994; it was
replaced by the World Trade Organization in 1995.

However, the original GATT text (1947 ed.) is still in effect under the WTO
framework, subject to modifications agreed in 1994.

List of gatt
meetings
The GATT panel has
met a total of NINE times
since its inception in 1947.
Key points are
mentioned in the table
given.
The first meet was at
Geneva in 1947 and the
last one was in Doha in
2001.
We are still currently
following the amendments
made under the Doha
meet.

Name

Start

Duration

No. of
Countries

Geneva

April 1947

7 months

23

Annecy

April 1949

5 months

13

Torquay

Sep. 1950

8 months

38

Geneva II

Jan. 1956

5 months

26

Dillon

Sep. 1960

11 months

26

Kennedy

May 1964

37 months

62

Tokyo

Sep. 1973

74 months

102

Uruguay

Sep. 1986

87 months

123

Doha

Nov. 2001

159

Key highlights over the

years
1947 : Signing of the GATT. Tariff concessions worth $10 billion agreed on.
1956 : Admission of Japan in the GATT.
1964 : Anti-Dumping Issues Discussed for the first time. Tariff concessions worth $40
billion of world trade.
1973 : Tariff reductions worth $300 billion achieved.
1986 : At the end of this round, the formation of WTO took place. This body
along with framework setting, also became a regulatory and dispute settling body. The
Trade negotiations were extended which led to about 40% reduction in tariffs.
2001 : The Bali Package was signed in Dec. 2013 which caused significant lowering of
trade barriers and was the first such agreement reached through the WTO. Still
undergoing.

Some important rulings by

gatt
MFN (Most Favoured Nation)
The members agree to accord MFN status to each other. Exceptions allow for
preferential treatment of developing countries, regional free trade
areas and customs unions.
Most favoured nation relationships extend reciprocal bilateral relationships
following both GATT and WTO norms of reciprocity and non-discrimination.

S&D (Special & Differential Treatment)

Special and differential treatment (S&D) is a set of GATT provisions (GATT
1947) that exempts developing countries from the same strict trade rules and
disciplines of more industrialized countries.
The least developed countries are further exempt.

Thank you & have a nice day!!