The Gatt Was A Multilateral Agreement Whose Objective Was To Liberalize Trade

The General Agreement on Tariffs and Trade is a port for a series of global trade negotiations that took place between 1947 and 1995 in a total of nine cycles. The GATT was first conceived after the Allied victory in World War II at the 1947 United Nations Conference on Trade and Employment, in which the International Trade Organization (ITO) was one of the ideas proposed. It was hoped that the ITO would be led alongside the World Bank and the International Monetary Fund (IMF). More than 50 nations negotiated the ITO and the organization of their constituent charter, but after the withdrawal of the United States, those negotiations failed. [8] The EU is working on a system of independent supranational institutions and intergovernmental decisions negotiated by Member States. The important institutions of the EU are the European Commission, the Council of the European Union, the European Council, the European Court of Justice and the European Central Bank. The European Parliament is elected every five years by EU citizens. The EU has developed an internal market through a standardised legal system that applies to all Member States. Passport controls have been abolished within the Schengen area (which includes EU and third country member states).

EU policy aims to ensure the free movement of people, goods, services and capital, to legislate in the areas of justice and home affairs and to maintain common policies in the areas of trade, agriculture, fisheries and regional development. The monetary union, the euro area, was created in 1999 and has been made up of 17 Member States since January 2012. Thanks to the common foreign and security policy, the EU has developed a limited role in external relations and defence. Permanent diplomatic representations have been established around the world. The EU is represented at the United Nations, the WTO, the G8 and the G20. In the early years, GATT`s business cycles focused on further tariff reductions. Then, in the mid-1960s, the Kennedy Round resulted in an anti-dumping agreement from THE GATT and a section on development. The Tokyo Round of the 1970s was the first major attempt to remove trade barriers that will not be in the form of tariffs and to improve the system. The eighth, the Uruguay Round 1986/94, was the last and largest of all. It resulted in the WTO and a series of new agreements. The Uruguay cycle began in 1986.

It was the most ambitious cycle to date that hoped to extend GATT`s jurisdiction to important new areas such as services, capital, intellectual property, textiles and agriculture. 123 countries participated in the cycle. The Uruguay Round was also the first round of multilateral trade negotiations in which developing countries played an active role. [16] The main tasks of the secretariats are technical assistance to various ministerial councils/committees and conferences, technical assistance to developing countries, analysis of world trade and presentation of WTO activities to the public and the media. In the end, tariffs fell by 35%, with the exception of textiles, chemicals, steel and other sensitive products; In addition to a 15% to 18% reduction in tariffs on agricultural and food products. In addition, the chemical negotiations resulted in an interim agreement on the abolition of the US selling price (ASP). This was a method of assessing certain chemicals used by these countries for the institution of import duties, which gave domestic producers a much higher level of protection than indicated under tariff conditions. Over the past 70 years, world trade has been exceptionally watched. Exports of goods increased by an average of 6% per year. This growth in trade has been a powerful driver of overall economic expansion and, on average, trade has grown by 1.5 times the world economy per year. In 2016, total exports were 250 times higher than in 1948. GATT and the WTO have helped to create a strong and prosperous trading system that contributes to inclusive growth

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