Presentation By:

1. 2.

3.
4. 5. 6.

Brijan Anand Iyer (13077) Davis.N.S (13079) Yogesh Bhandari (13076) Nimisha Singh (13078) Ashith.K (13074) Badgujar Rohit (13075)

General Agreement on Trade and Tariffs.

Introduction
GATT

stands for general agreement for tariffs and trade. A multilateral agreement that lays down the rules and regulations for conducting international trade. Came into existence on 1st Jan 1948. Basic aim to liberalise trade and reduce barriers.

Objectives
Expansion

of international trade. Increase of world production ensuring full employment in the participating nations. Rise in standard of living of the world community as a whole. Prevent protectionism.

Norms of GATT
Most Favoured Nation Consultation and Dispute Settlement

Norms

Reciprocity

Transparency

TRADE NEGOTIATIONS UNDER GATT

GATT held a total of 9 rounds: 1.Geneva round(April 1947) Duration: 7 months Countries: 23 Subject covered: Tariffs Achievements : signing of GATT, tariff concessions affecting $10 billion of trade

2.ANNECY(FRANCE)round(April 1949) Duration:5 months Countries:13 Subject: Tariffs Achievements: countries exchanged some 5000 tariff concessions 3.TORQUAY(ENGLAND)round(September 1950) Duration: 8 months Countries: 38 Subject: Tariffs Achievements: Countries exchanged some 8500 tariff concessions. cutting 1948 tariff levels by 25%

4.GEVEVA round(January 1956) Duration:5 months Countries:26 Subject: Tariffs, admission of Japan Achievements: 2.5 billion in tariff reduction
5.Dillon(GENEVA)round(September 1960) Duration: 11 months Countries: 26 Subject: Tariffs Achievements: Tariff concessions of worth 4.9 billion worldwide

6.Kennedy round(MAY 1964) Duration:37 months Countries:62 Subject: Tariffs, Anti dumping policies Achievements: Tariff concessions of worth 40 billion worldwide
7.TOKYO(JAPAN) round(September 1973) Duration: 74 months Countries: 102 Subject: Tariffs, non-tariff measures, "framework" agreements Achievements: Tariff concessions of worth 300 billion worldwide was achieved

8.URUGUAY round(September 1986) Duration:87 months Countries:123 Subject: Tariffs, non-tariff measures, rules, services, intellectual property, dispute settlement, textiles, agriculture, creation of WTO Achievements: The round led to the creation of WTO, and extended the range of trade negotiations, leading to major reductions in tariffs (about 40%) and agricultural subsidies, an agreement to allow full access for textiles and clothing from developing countries, and an extension of intellectual property rights.

9.DOHA round(November 2001) Duration: ? Countries: 159 Subject: Tariffs, non-tariff measures, agriculture, labour standards, environment, competition, investment, transparency, patents Achievements: The round is not yet concluded.

Weaknesses of GATT
Benefits

have gone to the industrialized nations. Negotiations and tariffs reductions was mainly for manufactured goods because of which the trade gap for developing countries has become unfavourable. GATT was a contractual agreement between parties and thus parties could withdraw themselves from the agreement. GATT had a less powerful dispute settlement system. Its ruling could be easily blocked.

GATT TO WTO

In 1993, the GATT was updated (GATT 1994) to include new obligations upon its signatories. One of the most significant changes was the creation of the World Trade Organization (WTO). The 75 existing GATT members and the European Communities became the founding members of the WTO on 1 January 1995. WTO is more powerful than GATT. The dispute settlement system is more effective and faster and difficult to block the rulings given by WTO.

Thank you!