General Agreement On Tariffs And Trade (Gatt) Act Of 1947

General Agreement On Tariffs And Trade (Gatt) Act Of 1947

The General Agreement on Tariffs and Trade is a port for a series of global trade negotiations that took place between 1947 and 1995 in a total of nine cycles. The GATT was first conceived after the Allied victory in World War II at the 1947 United Nations Conference on Trade and Employment, in which the International Trade Organization (ITO) was one of the ideas proposed. It was hoped that the ITO would be led alongside the World Bank and the International Monetary Fund (IMF). More than 50 nations negotiated the ITO and the organization of their constituent charter, but after the withdrawal of the United States, those negotiations failed. [8] GATT has reduced the level of tariffs between the contracting parties. In 1947, GATT participants had an average tariff rate of 22% and, after 1994, the average rates of participants were less than 5%. One of GATT`s most important achievements has been indiscriminate trade. Any GATT signatory should be treated like any other, known to be the nation`s most privileged principle and entered into the WTO. The practical result was that, once a country had negotiated a tariff reduction with some other countries (usually its major trading partners), this reduction would automatically apply to all GATT signatories. There were leakage clauses allowing countries to negotiate exemptions if their domestic producers were particularly harmed by tariff reductions. THE GATT and its successor, the WTO, have succeeded in reducing tariffs.

Average tariff levels for large GATT participants were about 22% in 1947, but were 5% after the Uruguay Round of 1999. [4] Experts attribute some of these tariff changes to the GATT and the WTO. [5] [6] [7] However, this portion of the result was not authorized by Congress, and the U.S. selling price was abolished only when 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. The summit almost resulted in a third organization. This should be the very ambitious International Trade Organization (ITO).

The 50 countries that started negotiations wanted an agency within the United Nations to create rules, not only for trade, but also for jobs, agreements on raw materials, trade practices, foreign direct investment and services. The ITO charter was adopted in March 1948, but the U.S. Congress and a few other countries refused to ratify it. In 1950, the Truman administration declared defeat and completed the ITO. The GATT had three main provisions. The most important requirement was that each member be obliged to confer the status of the most favoured country on any other member. All members must be treated the same with respect to tariffs. It excluded special tariffs between members of the British Commonwealth and the Customs Union. It allowed tariffs if their removal causes serious damage to domestic producers. Canada was one of several multilateral trade groups operating in coordination with GATT, including the Organisation for Economic Co-operation and Development (OECD), the quadrangle group and the Cairns Group of Fair Trading Nations. Membership in these groups has allowed Canada to influence the direction of trade negotiations.

The sixth round of GATT multilateral trade negotiations, which took place from 1964 to 1967. It was named after U.S. President John F. Kennedy in recognition of his support for the reformulation of the U.S. trade agenda, which culminated in the Trade Expansion Act in 1962.

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