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Which Is Not A Key Component Of The General Agreement On Tariffs And Trade (Gatt)

The GATT contained three main provisions. The most important requirement was that each member should give each other most-favoured-nation status. All members must be treated equally with respect to rates. It excluded special customs duties among members of the British Commonwealth and the Customs Union. It allowed customs duties if their removal caused serious injury to domestic producers. Meanwhile, by December 1945, 15 countries had begun talks to reduce and bind tariffs. With World War II just ending, they wanted to give an early boost to trade liberalization and begin to correct the legacy of protectionist measures that had remained in place since the early 1930s. Gatt consists of a series of promises or commitments that countries make to each other with regard to their own trade policies. The objective of GATT is to make trade freer (i.e.

to promote trade liberalization) and, therefore, the promises made by countries must include the removal of trade barriers. The countries that make these commitments and sign the agreement are called signatory countries. Discussions that take place before the decision on commitments is made are called negotiating rounds. Each tower is usually given a name, which is related either to the place of the meetings or to an eminent person. There have been eight rounds of GATT negotiations: the Geneva Round (1948), the Annecy Round (1950), the Torquay Round (1951), the Geneva II Round (1956), the Dillon Round (1962), the Kennedy Round (1967), the Tokyo Round (1979) and the Uruguay Round (1994). Most importantly, agreements are reached by consensus. A round ends only when each negotiating country is satisfied with the promises it has made and that all its negotiating partners are making. The slogan sometimes used is: “Nothing is agreed until everything is agreed.” The General Agreement on Tariffs and Trade (GATT) was the first multilateral free trade agreement. It first entered into force in 1948 as an agreement between 23 countries and remained in force until 1995, when its membership increased to 128 countries. It has been replaced by the World Trade Organization.

Reforms in politically sensitive areas of global trade may therefore be more feasible as part of a global package – a good example is the Uruguay Round agreement on agricultural trade reform. Another common situation requires an exception to GATT and WTO rules. .

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Which Is Not A Key Component Of The General Agreement On Tariffs And Trade (Gatt)

The GATT contained three main provisions. The most important requirement was that each member should give each other most-favoured-nation status. All members must be treated equally with respect to rates. It excluded special customs duties among members of the British Commonwealth and the Customs Union. It allowed customs duties if their removal caused serious injury to domestic producers. Meanwhile, by December 1945, 15 countries had begun talks to reduce and bind tariffs. With World War II just ending, they wanted to give an early boost to trade liberalization and begin to correct the legacy of protectionist measures that had remained in place since the early 1930s. Gatt consists of a series of promises or commitments that countries make to each other with regard to their own trade policies. The objective of GATT is to make trade freer (i.e.

to promote trade liberalization) and, therefore, the promises made by countries must include the removal of trade barriers. The countries that make these commitments and sign the agreement are called signatory countries. Discussions that take place before the decision on commitments is made are called negotiating rounds. Each tower is usually given a name, which is related either to the place of the meetings or to an eminent person. There have been eight rounds of GATT negotiations: the Geneva Round (1948), the Annecy Round (1950), the Torquay Round (1951), the Geneva II Round (1956), the Dillon Round (1962), the Kennedy Round (1967), the Tokyo Round (1979) and the Uruguay Round (1994). Most importantly, agreements are reached by consensus. A round ends only when each negotiating country is satisfied with the promises it has made and that all its negotiating partners are making. The slogan sometimes used is: “Nothing is agreed until everything is agreed.” The General Agreement on Tariffs and Trade (GATT) was the first multilateral free trade agreement. It first entered into force in 1948 as an agreement between 23 countries and remained in force until 1995, when its membership increased to 128 countries. It has been replaced by the World Trade Organization.

Reforms in politically sensitive areas of global trade may therefore be more feasible as part of a global package – a good example is the Uruguay Round agreement on agricultural trade reform. Another common situation requires an exception to GATT and WTO rules. .