GATT and WTO
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GATT and WTO Paper
The General Agreement on Tariffs and Trade (or GATT) was created in 1947 and provides the basis for most multilateral trade negotiations for reducing trade barriers. Since 1947, GATT has provided the rules for international trade and a forum for international trade disputes. In 1994, a new trade agreement was reached, known as the General Agreement on Tariffs and Trade. This created a new GATT trade agreement, which enhanced the role of international law in regulating trade and created the World Trade Organization (WTO).
Write a paper addressing the following:
? Summarize GATT law and the WTO.
o Why is it important to regulate imports?
o What are nontariff barriers to trade
o How do these nontariff trade barriers affect management decisions?
o What is GATT?
o What is the primary function of the World Trade Organization (WTO)
o How do parties settle trade disputes through GATT and the WTO?
? Explain the liability of international carriers for
o air carriers.
o sea carriers.
o ocean intermediaries.
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Solution Summary
A discussion on the GATT and the WTO,
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There were originally 23 countries that signed the GATT agreement in 1947. Fifty countries were involved in drawing up the rules. This followed the Bretton Woods institutions that were established by the international community. Those two institutions, the World Bank and International Monetary Fund (IMF) were established to help fund countries in need. GATT was meant to make trade more fair between countries.
GATT essentially says that countries who are part of the organization will not charge unfair or higher tariffs to one country over another. In other words, the United States trades with Japan and China and may not put unfair barriers up for China that are different from those for Japan. This also works the other way. China may not receive special tariffs that Japan does not enjoy. These agreements were actually trade concessions agreed to by the original twenty three along with rules for trading that were drawn up by the ITO (International Trade Organization), an arm of the United Nations.
The ITO could not get a full ratification and by 1950, even the United States had not signed the agreement and had no intention of doing so. The GATT remained however, in effect and membership in its ...
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