FBE 462 Protopapadakis WTO Case Negotiations on trade tariffs and quotas have significantly increased over the last few years. These negotiations however would not have been possible without the creation of the General Agreements of Tariff Trade (GATT) in 1947. The United States as well as 22 other nations signed this treaty and it survived for 47 years despite many of its shortcomings. GATT was critical for international trade negotiations, especially in the early days. It embraced the most favored nation principle which is still a very important principle to this day. As a result of GATT, world trade experienced huge growth in the first 25 years of its creation. Eventually though people soon began to realize that GATT could not address many issues, including non tariff barriers which was reducing the overall effectiveness of this organization. The United States wanted to create a new organization. They were the driving force behind a new trade system that would solve all of the problems with GATT. The
This is the end of the preview.
access the rest of the document.