GATT_Presentation_With_Transitions.pptx.
- 1. General Agreement on Tariffs and Trade (GATT)
- 2. Introduction to GATT • The General Agreement on Tariffs and Trade (GATT) was a legal agreement established in 1947 aimed at promoting international trade by reducing trade barriers like tariffs and quotas.
- 3. History and Background • • Established in 1947 by 23 countries in Geneva. • • Created as a provisional agreement to establish rules for international trade. • • Played a crucial role in global economic recovery post-WWII.
- 4. Objectives of GATT • • Promote free and fair trade among nations. • • Reduce tariffs and trade barriers. • • Foster economic growth and development. • • Provide a platform for trade negotiations.
- 5. Principles of GATT • • Non-Discrimination: Most-Favored-Nation (MFN) and National Treatment principles. • • Transparency: Trade policies must be clear and publicly accessible. • • Reciprocity: Balanced concessions between nations. • • Prohibition of Quantitative Restrictions: Avoid quotas in favor of tariffs.
- 6. Key Features • • Focused on trade in goods. • • Encouraged multilateral trade agreements. • • Addressed unfair trade practices. • • Included dispute settlement mechanisms.
- 7. Rounds of Negotiations • • Geneva Round (1947): Foundation laid for GATT. • • Dillon Round (1960-61): Tariff reductions. • • Kennedy Round (1964-67): Anti-dumping agreement. • • Tokyo Round (1973-79): Reduced non-tariff barriers. • • Uruguay Round (1986-94): Transition to WTO.
- 8. Transition to WTO • • GATT was replaced by the World Trade Organization (WTO) in 1995. • • WTO expanded the scope to include services and intellectual property. • • GATT principles still form the foundation of WTO agreements.
- 9. Significance and Criticisms • Significance: • • Boosted global trade and economic integration. • • Reduced tariffs and trade barriers. • Criticisms: • • Favored developed nations over developing ones. • • Limited scope to address modern trade challenges.
- 10. Conclusion • GATT laid the foundation for modern international trade systems. Its transition to the WTO expanded its reach and relevance, making it a cornerstone of global economic policy.