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After World War II,U.S. developed two innovations:THE GATT AND THE ITO
ITO
GATT
WTO
GATT ???
OUTCOME OF FAILURE
OR THE SUCCESS STORY
FOUNDATION
GATTs Foundation was laid on To Create ITOwhich never came into being
FEATURES
1.)
TOKYO(JAPAN) (1973-79)
ROUNDS
TORQUAY(1951)
SWITZERLAND (1955)
RULES OF GATT
1.) 2.) 3.) 4.) 5.) Protection From Foreign Competition. Reduction In Restrictions Most Favored Nation National Treatment Rule Principles Of Non Discrimination, Reciprocity, and Transparency 6.) Tariff And Non Tariff Meaasures 7.) Conciliation Of Disputes 8.) Waivers In Exceptional Cases
PROVISIONS OF GATT
1.) Schedules Of Tariff Concessions 2.) General Elimination Of Quantitative Restrictions 3.) Exceptions 4.) Settlement Of Disputes
Broadened Scope Of MTNs(Multilateral Trade Negotiations) By:1.) Trade In Services 2.) Trade Related Aspects Of Intellectual Property(TRIPS) 3.) Trade Related Investment Measures(TRIMS)
2.)Multilateral Instrument
3.)No Institutional Foundation 4.)Provisional Basis 5.)Slow Dispute Settlement System 6.)Temporary Agreement
STILL SURVIVED..
1.)Continual Reduction In Tariffs 2.)High Rates Of Trade Growth 3.)After Even Bring Doubtful And Temporary Survived For Half A Century(47 Years) 4.)In Absence Of Creation Of Itotrade Flourished
GATT to WHO
Unlike the GATT, it is a legal entity.
Unlike IMF and World Bank it is not an agent of the United Nations. Unlike the IMF and the World Bank there is no weighted voting, but all the WTO members have equal rights.
Unlike the GATT, the agreements under the WTO are permanent and binding to the member countries.
Unlike the GATT, the WTO dispute settlement system is based on dilatory but automatic mechanism it is also quicker and binding on the members. As such the WTO is a powerful body. Unlike the GATT, the WTOs approach is rule based and time bound. Unlike the GATT, the WTO has a wider coverage. It covers trade in goods as well as services. Unlike the GATT, the WTO has a focus on trade related aspects of intellectual property rights and several other issues of agreements.
Above all the WTO is huge organizational body with a large secretariat.
3/14/2013