WTO notes

WTO notes - just goods o TRIPS also introduced – enforced...

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Negotiations on trade tarrifs and quotas have significantly increased over the years United States and 22 other nations signed GATT (general agreements of tarrif trade) in 1947 and survived for 47 years despite shortcomings o GATT embraced most favored nation principle Regarded as critical for international trade negotiations o World trade experienced huge growth in first 25 years of this agreement o In the 70s people realized that GATT could not address many non tariff barriers which was reducing the overall effectiveness o The US was the driving force to create a new trade system because the way things stood at that point was not good at all. New round of talks opened in Uruguay in 1986 Uruguay Round decribed as largest trade negotiation ever o 120 countries involved o 22500 pages of proposed tarrif cuts o Average tariff rate would fall from 6.3% to 3.8% o GATTS came into the picture – covered every tradable service banking, consulting, data transmission, tourism opposed to GATT which covered
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Unformatted text preview: just goods o TRIPS also introduced – enforced copyrights, patents, trademarks and other intellectual properties o All three GATT, GATS, & TRIPS came out as the three central chapters of the new regime in the Uruguay round. • The Uruguay round negotiators wanted to create a new institution, the WTO which replaced GATT on Jan 1, 1995. o The dispute resolution system was regarded as central to the multilateral trading system o In the first 7 years, the WTO heard 242 cases compared to 300 in 50 years in GATT o Out of all the new rules and regulations in the WTO the agriculture and textile sector was said to have had minimal effective market opening • Controversy with China in the WTO o Represents tensions between developed and developing countries o There were many rules and regulations but finally China agreed to sharp tariff reductions and gained entry to the WTO on November 11 2001 o...
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