The General Agreement On Tariffs And Trade

Reducing tariffs and introducing new rules to stem the increase in non-tariff barriers and voluntary export restrictions. 102 countries participated in the cycle. Concessions have been made for $19 billion. The General Agreement on Tariffs and Trade (GATT) is a legal agreement first signed on 30 October 1947 in Geneva, Switzerland, by 23 countries. The GATT aimed to “substantially reduce tariffs and other trade barriers and eliminate preferences on a reciprocal and mutually beneficial basis” in order to stimulate economic recovery after the Second World War. The General Agreement on Tariffs and Trade was a free trade agreement that eliminated tariffs and increased international trade. As the first multilateral free trade agreement, GATT governed an important part of international trade between January 1, 1948 and January 1, 1995. The agreement ended with the redemption of the more robust World Trade Organization (WTO), whose main achievement at the time was the adoption of Part IV of the GATT, which decided on corresponding reciprocity with developed countries in trade negotiations. In the view of many developing countries, this was a direct consequence of UNCTAD I`s request for a better trade agreement for them. In addition, countries could restrict trade for national security reasons. These include patent protection, copyright and public morality. However, this part of the result was not authorized by Congress and the U.S.

selling price was not abolished until Congress passed the results of the Tokyo Round. The results in agriculture as a whole have been poor. The most notable achievement was the agreement on a Memorandum of Understanding on the basic elements for the arrangement of global subsidies, which was eventually incorporated into a new international agreement on cereals. 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. The working hypothesis for collective bargaining was a linear reduction of 50% in tariffs, with the smallest number of exceptions. A long-term argument has developed about the trade effects of a uniform linear reduction on the dispersed rates (low tariffs and high rates quite far away) of the United States compared to the much more concentrated rates of the EEC, which also tended to be under the ownership of U.S. tariffs.