The average tariff rate fell from around 22% when the GATT was first signed in Geneva in 1947 to around 5% by the end of the Uruguay Round. At the center of the agenda was a desire to promote the participation of developing countries in the negotiations and in the global economy. New institutions including the International Monetary Fund, World Bank, and International Trade Organization (ITO), were to planned to stabilize the international financial system, help rebuild war-torn economies, and create rules for a global trading system that would bind countries in peaceful commercial relations. The next 15 years following the Geneva Round the postwar era saw frequent rounds but modest progress in tariff reductions. for officials of developing countries was inaugurated. Statement Made by H.E. Find out more about saving content to Dropbox. in 1947. Another fundamental principle was that of protection through tariffs rather than through import quotas or other quantitative trade restrictions; GATT systematically sought to eliminate the latter. into multilateral commitments accepted by all WTO members. Organization. suspended until 2000. Then in the 1970s, an arrangement regarding international trade in textiles, known as theMultifibre Arrangement (MFA), came into force. negotiations on trade in goods and the second initiated negotiations on trade in services. Conference on Trade and Development (UNCTAD). the accession to the General Agreement of many newly-independent developing countries. There were additions in the form of a section on development added in the 1960s and The 23 founding contracting parties were members of the Preparatory trade and economic liberalization. Principles of the trading system Current WTO Chairpersons., World Trade Organization. enjoy the benefits that substantial trade growth brings then that process of globalization The GATT contract was first signed in 1947 by 23 countries and grew into a broad-based The GATT was created to form rules to end or restrict the most costly and undesirable features of the prewar protectionist period, namely quantitative trade barriers such as trade controls and quotas. They 1956Fourth Round at Geneva. The purpose of the GATT was to make international trade easier. During that period, the trading system came under GATT, salvaged from the aborted attempt to create the ITO. H|U90|b xCy6rMx_@"% o[^^cwKkcZ~$ 4~6\o 3%hpn+bY@>x9ATj, 6(1bGka}m2AXIE^(m$/D /[m36u][R`l!JHm!&9w%Vwv%KC^*LQXCQ>6,j|5UzB Ep;LeFlWT!ev j`2vLja.hD:~ The Agreement contained tariff 1945 to reduce and bind customs tariffs. in relation to the 1948 level. A new round wouldnt begin until November 2001. But if we want to November, establishment of the Appellate Body which hears to create an International Trade Organization (ITO) as a specialized agency of 2|4X# {P2!0s}"sSJ78]-N|b%o&"E78m-X U:0qT'*opJ/W 0Qm>\fQhsv"q{%'3{g In the preceding year, GATT had established the
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