Which Of The Following Statements About The Original General Agreement On Tariffs And Trade Is True

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 and its successor, the WTO, have succeeded in reducing tariffs. Average tariff levels for large GATT participants were about 22% in 1947, but were 5% after the Uruguay Round of 1999. [4] Experts attribute some of these tariff changes to the GATT and the WTO. [5] [6] [7] The fifth cycle took place again in Geneva and lasted from 1960 to 1962. The discussions were named after U.S. Treasury Secretary and former Undersecretary of State Douglas Dillon, who first proposed the talks. Twenty-six countries participated in the cycle. In addition to reducing tariffs by more than $4.9 billion, it has also led to discussions on the creation of the European Economic Community (EEC).

Another was the internal crisis of 1965, which ended with the Luxembourg compromise. Preparations for the new round were immediately overshadowed by the chicken war, an early sign of the impact of variable levies under the Common Agricultural Policy. Some participants had expressed concern that the convening of UNCTAD, scheduled for 1964, would lead to further complications, but its impact on the negotiations themselves was minimal. The General Agreement on Tariffs and Trade (GATT), signed on 30 October 1947 by 23 countries, was a legal agreement to minimize barriers to international trade by eliminating or reducing quotas, tariffs and subsidies, while maintaining important rules. The GATT is expected to stimulate economic recovery after the Second World War through the reconstruction and liberalization of world trade. The GATT was first discussed at the United Nations Conference on Trade and Employment and was the result of the failure of negotiations on the creation of the International Trade Organization (ITO). On 1 October 1947, signed in Geneva, it came into force on 1 January 1948. It remained in force until the signing of the Uruguay Round agreements, which established the World Trade Organization (WTO) on 1 January 1995, until the signing on 15 April 1994 in Marrakech of the Uruguay Round Agreements that established the World Trade Organization (WTO). The WTO succeeds the GATT and the original GATT text (GATT 1947) is still in force under the WTO, subject to amendments to the GATT in 1994. [1] [2] Nations that were not parties to the GATT in 1995 must meet the minimum conditions set out in certain documents before joining; September 2019, the list included 36 nations. [3] The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries whose primary objective was to promote international trade by removing or removing trade barriers, such as tariffs or quotas.

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