WTO - General Agreement on Tariffs and Trade: 1947-1994 WTO...

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WTO General Agreement on Tariffs and Trade: 1947-1994 - WWII allies wanted international organization in trade arena similar to UN in political arena. - There was an idea at Bretton Woods to form the International Trade Organization, but that failed. - GATT was formed at a United Nations conference in Havana in1947 as a temporary step towards ITO. - First round affected about $10 billion in trade, which amounted to about 20% of world trade at that time. - GATT members agree not to raise tariffs above negotiated rates. Four pillars of GATT - Transparency - Had a structure, rules and predictability - Non-discrimination - Members would have access to Most Favored Nation (now Normal Trade Relations) rates - Worked by consensus so power was shared - Liberalization - Accomplished over many “rounds” - Self-enforcement - Members would try to work out issues themselves, but the organization would also hear cases GATT Negotiating Rounds Round Year Number of Member Nations Geneva 1947 23 Annecy 1949 13 Torquay 1950-51 38 Geneva 1956 26 Dillon 1960-62 45 Kennedy 1964-67 62 Tokyo 1973-79 99 Uruguay 1986-94 117
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WTO - General Agreement on Tariffs and Trade: 1947-1994 WTO...

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