Lecture_10_Presentation - Lecture 12 General Agreement on...

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Lecture 12 1of 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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Lecture 12 2of Professor David Lee AEM 230 / ECON 230 General Agreement on Tariffs and Trade (1947) ± Encourage resolution of trade disputes through consultation, complaint procedures and conciliation panels But no authority to enforce dispute panel’s recommendations (until formation of World Trade Organization)
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Lecture 12 3of Professor David Lee AEM 230 / ECON 230 Reductions in Tariffs under GATT (%) Ave. Reduction Ave. Reduction Residual (encumbered (all products) Tariffs Round products) (% of 1930) Pre-GATT (1930-47) 44.0 33.2 66.8 Geneva (1947) 35.0 21.1 52.7 Annecy (1949) 35.1 1.9 51.7 Torquay (1950-51) 26.0 3.0 50.1 Geneva (1955-56) 15.6 3.5 48.9 “Dillon” (1961-62) 12.0 2.4 47.7 Kennedy (1964-67) 45.5 36.0 30.5 Tokyo (1974-79) -- 29.6 21.1 Uruguay (1986-93) -- 33.0 14.2 (est.)
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Lecture 12 4of Professor David Lee AEM 230 / ECON 230 U.S. Average Tariff Rates on Dutiable Imports, 1900-1996
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Lecture 12 5of Professor David Lee AEM 230 / ECON 230
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Lecture 12 6of Professor David Lee AEM 230 / ECON 230 Uruguay Round Tariff Reductions on Industrial Products by
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Lecture_10_Presentation - Lecture 12 General Agreement on...

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