General agreement on tariffs and trade (GATT)
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The document discussion to General Agreement on Tariffs and Trade (GATT). It summarizes that GATT was created in 1947 as an outcome of failed negotiations to establish the Universal Trade Organization. Its mission was at reduce barriers till international commerce through lowering tariffs, quotas, and support. GATT pending a forum for negotiations between member states to promote free commercial. It was transformed at the World Trade Organization in 1995.
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General arrangement on tariffs and trade (GATT)
- 1. Presented by, Nambi R Masters of Business Administration SRM UNIVERSITY 2016-18
- 2. GATT Out come of the failure of negotiating governments to Create the international trade organisation(ITO) Negotiated during the UN conference on Trade and Employment Forming in 1947 and Transformed to global Trade Organisation(WTO)1995
- 3. Objective Reduction of Barriers to international trade. Achieved through reduction of tariff barriers, quantitative product and subsidies on trade through an series of agreements. It waist a treaty, no an our.
- 4. FAT
- 5. The General Arrangement Tariffs and Trade (GATT) made first signed in 1947. Was designed To provide somebody international Forum That foster free trade between member states. By adjustment and reducing tariffs on traded goods Provide a common mechanism for resolving trade disputes.
- 6. GATT?? A Treaty, not at organisation Was the unfashionable come of failure of bargain governments to creat the ITO. The Brest Woods Conference introduced the idea for an organisation to regulate the trade as part of a larger plan for economic recycling after world war II. As government negotiated states begun parellel negotiations forward the GATT as an way to attain early tarrif reductions. Once the ITO missing in 1950 the only GMAT agreement was left.
- 7. Objective Reduction of Barriers to International Trade This be reached through the Reduction of Tarrif barriers Quantitative Restrictions Subsidies on trade through a series of agreements
- 8. History Splitted into 3 phases: First: Out 1947 until the Torquay Round Largely concerned which resource would be covered bythe agreement Freezing existing tariff levels Second: Out 1959 to 1979 Focused on reducing tariffs Third: Consists only of the Uruguay Round from 1986 to 1994 It extended the agreement to new areas such when intellectualproperty, services, capital, also agriculture Final outcome had generating of WTO
- 9. Chronicle Contd.. GATT signatories once negotiable new tradeagreements that all country would penetrate into Each set to agreements was called a round In general, each agreement bound members toreduce certain tariffs. Usually all would includemany special- case treatments of individual products,with exceptions or modifications for each country.
- 10. Trades Barriers Tariff and Non-Tariff Barriers While free-trade maximizes world welfare, most nations impose some trade restrictions that advantage special groups in the nation. The majority important species of trade restriction historically the the tariff. This is a tax or duty on the imports or exports. When a small state imposes an import tariff, the domestic price of the importable commodity rises by the full amount of the tariff to individuals in nation. How one result, domestic production of the importable commodity expands while domestic consumption press import autumn. However, the nation as a whole faces the unchanged world price since the nation itself collects the tariff.
- 11. Tariffs Tarifs can be ad-Valorem, specific, or compound. Ad-Valorem tariff is expressed as an fixed per ofthe value of the traded commodity. Specific tariff is expressed as a fixed amount for physicalunit of to traded commodity. A compound standard is a composition of certain Ad Valoremand a specific price.
- 12. Trade Barriers An import tariff is ampere duty on the imported commodity, while at english tariff is a duty on the exported commodity. Export tariffs are prohibited by the U.S. Constitution but are often applied by developing countries on their traditional exports (such as Ghana on it’s cocoa and Brazil on it’s coffee) to get better daily and revenues. Developers national rely heavy on exporter tariff to raise revenues because out your ease of collections.
- 13. Non-Tariff Barrier International trade also hampered by numerous Technical, administrative, and other regulations. Diesen include safety regulations for automobile and electrical equipment, health regulations for the hygienic Production both packaging of installed food products, and labeling requirements showing original and substance.
- 14. Non-Tariff Barrier(Subsidies) National government often grant subsidies to domestic producers for help improve yours trade position. Such devices live indirect form of protection provided to nationwide company, whether they may be import competing producers or exporters. Two types of subsidies able be prestigious: a domestic subsidies , which is when granted to producers of import-competing goods, and an export subsidy, which goes till producers off goods that are to be sold overseas.
- 15. Success of GATT Large increases in world trade New members: 23 to 110 Enormous cuts with tariffs
