What can you say about THE GATT? TOPIC : The General Agreements on Tariffs and Trade (GATT) What is GATT?  -Was a legal agreement minimizing barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies while preserving significant regulations

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What can you say about THE GATT?

TOPIC : The General Agreements on Tariffs and Trade (GATT)

What is GATT?

 -Was a legal agreement minimizing barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies while preserving significant regulations. The GATT was intended to boost economic recovery after the World War II through reconstructing and liberalizing global trade.

? Began in 1947 with 23 members

? Location: Geneva

? Purpose:"Substantial reductions of Tariffs and other Trade Barriers and elimination of preferences, on reciprocal and mutually advantageous basis"

The Role of GATT

? GATT sponsored rounds

? GATT as monitor

? Most favorable NATION Clause (MFN)

? Lack of legal status

OBJECTIVES OF GATT

? To provide equal opportunities to all countries in international market trading.

? To increase the effective demand for real income growth and goods.

? To minimize tariffs on trade for ensuring mutual benefit.

? To provide proper solution to the disputes related to international trade.

? To ensure a better living standards in the world as a whole.