What Was The Primary Purpose Of The General Agreement On Trades And Tariffs (Gatt)

Governments give some degree of control to an international agreement, Japan`s strong economic growth has the important role it would later play as an exporter, but the center of gravity of the Kennedy Round has always been the relationship between the United States and the EEC. In fact, there was an influential American view that saw what became the Kennedy Round as the beginning of a transatlantic partnership that could ultimately lead to a transatlantic economic community. The General Agreement on Tariffs and Trade (GATT), signed on 30 October 1947 by 23 countries, was a legal agreement to minimize barriers to international trade by eliminating or reducing quotas, tariffs and subsidies, while maintaining important rules. The GATT is expected to stimulate economic recovery after the Second World War through the reconstruction and liberalization of world trade. The General Agreement on Tariffs and Trade (GATT) is a multilateral agreement regulating international trade. According to its preamble, its objective is to ”substantially reduce tariffs and other trade barriers and eliminate preferences on a mutually beneficial basis.” The GATT was negotiated at the UN Conference on Trade and Employment and was the result of the failure of negotiations on the creation of the International Trade Organization (ITO). The GATT was signed in 1947 and lasted until 1993, when it was replaced by the World Trade Organization (WTO) in 1995. The original GATT text (GATT 1947) is still in force under the WTO, subject to amendments to the GATT in 1994. However, this part of the result was not authorized by Congress and the U.S. selling price was not abolished until Congress passed the results of the Tokyo Round. The results in agriculture as a whole have been poor.

The most notable achievement was the agreement on a Memorandum of Understanding on the basic elements for the arrangement of global subsidies, which was eventually incorporated into a new international agreement on cereals. Among the original GATT members, Syria[19][20], Lebanon[21] and the LICO Yugoslavia have not re-joined the WTO. Given that Yugoslavia (renamed in Serbia and Montenegro and later two shared accession negotiations) is not recognised as a direct successor to the SFRY; Therefore, its application is considered new (non-GATT). On 4 May 2010, the WTO General Council decided to set up a working group to review Syria`s application for WTO membership. [22] [23] The WTO parties terminated the 1947 GATT formal agreement on 31 December 1995.