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Unit V - GATT & WTO
Day and Date:
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Unit Highlights
General Agreement on Tariffs and Trade
(GATT)
Uruguay Round
World Trade Organization (WTO)
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Text book referencechapters
International Economics by Dominick
Salvatore Chapter 9
International Economics by Francis
Cherunilam Chapter 28
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Let us recapitulate
Economic integration leads to most efficientutilization of world
resources and maximizes
world output and welfare.
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General Agreement onTariffs
andTrade (GATT)
An international organization devoted to the
promotion of freer trade through multilateral
trade negotiations.
Created in 1947
Headquartered in Geneva
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GATTprinciples
Non-discrimination
Elimination of non-tariff trade barriers
Consultation among nations for solving tradedisputes
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Uruguay Round
Multilateral trade negotiations between1986
and1993
Replaced GATT with WTO
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Uruguay Roundaims
Reverse the trend of rising non-tariff barriers
Bring services, agriculture, and foreign
investments into the negotiations Negotiate international rules
for protection of
IPRs
Improve dispute settlement mechanism by
ensuring timely decisions and compliance
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Uruguay Roundscope of the
accord Tariffs
Quotas
Antidumping
Subsidies Safeguards
IPRs
Services
Trade related investment measures WTO
The accord was signed on April 15, 94 and took effect on July
1,95.
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Uruguay Roundanappraisal
The completion of Uruguay Round was
in itself a great achievement.
Though aims were realized only in part.
Trade problems remained
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Uruguay Roundtradeproblems
Sustained high levels of subsidies and tariffs
Special problems of developing nations
(liberalization of some sectors) Problems of former communist
nations not
addressed
Tendency of the world to break up into three
major trading blocs - EU,NAFTA & AFTA
Neglect of labor and environment standards
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WorldTrade Organization (WTO)
The organization set up at the Uruguay
Round to replace GATT secretariat withauthority over trade in
industrial goods,
agricultural commodities, and services, and
with greater authority to settle trade disputes.
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WTOpurview
General Agreements on Tariffs andTrade (GATT)
General Agreements on Trade ofServices (GATS)
Trade Related aspects ofIntellectualProperty Rights (TRIPS)
Trade Related Investment Measures(TRIMS)
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To conclude
In general the Uruguay Round did achieve its
goals towards increasing world trade andhampering the
unrestrained proliferation of
protectionism and destructive trade wars.
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You shouldnow know,
What is GATT and its principles?
What is Uruguay Round? What did it
accomplish?
What is WTO?
What are the outstanding trade problems
facing the world today?
