After the second world war has ended in 1945. International trade has been liberalised dramatically as a result of multilateral trade negotiations govern by the General Agreement on Tariffs and Trade or GATT (Ossa, 2011). The GATT was established in 1947 with headquarters in Geneva (Goldstein, Rivers & Tomz, 2007). It was negotiated during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organisation or ITO (Tucci & Tucker III, 1996). The GATT was aiming for the promotion of free trade through multilateral trade negotiations and eliminating the trade barriers (Hill, 2011; Sinha, 2005).
According to Ossa (2011), the WTO statistic shows that industrialised countries have cut their tariffs on industrial products by an average 36 percent during the first five GATT rounds (1947– 67) which was focused exclusively on tariff reductions. and the last three rounds with an average 37 percent in the Kennedy Round (1964–67), an average 33 percent in the Tokyo Round (1973–79), and an average 38 percent in the Uruguay Round (1986–94). Furthermore, another GATT’s... [continues]
Cite This Essay
(2012, 09). Wto and Gatt. StudyMode.com. Retrieved 09, 2012, from http://www.studymode.com/essays/Wto-And-Gatt-1092320.html
"Wto and Gatt" StudyMode.com. 09 2012. 09 2012 <http://www.studymode.com/essays/Wto-And-Gatt-1092320.html>.
"Wto and Gatt." StudyMode.com. 09, 2012. Accessed 09, 2012. http://www.studymode.com/essays/Wto-And-Gatt-1092320.html.