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Lecture_10_Presentation

Lecture_10_Presentation - Lecture 12 General Agreement on...

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Lecture 12 1 of Professor David Lee AEM 230 / ECON 230 General Agreement on Tariffs and Trade (1947) ¾ Multilateral agreement to decrease trade barriers and assure equal treatment among member countries 8 negotiating rounds between 1947 and 1994 ¾ Key principles of GATT : Non-discrimination : acceptance of most-favored nation principle ; extension to all member nations the most favorable treatment given to any single member. Regional trading arrangements an exception Elimination of non-tariff trade barriers , such as import quotas, export subsidies, etc., which are more trade-distorting and can be used to discriminate against specific countries Exceptions: agricultural products, nations in balance of payments difficulties
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