GATT (General Agreement on Tariffs and Trade)

treaty that promotes trade What is it? Multilateral treaty that aims to promote trade among its members in manufactured and agricultural goods. treaty that promotes trade

Roles Regulated Trade Reduce Barriers It was a organization that regulated trade among countries to help economic recovery after the Second World War Main purpose was the reduction of barriers to international trade. For example: the countries that subscribe to the GATT meet periodically to discuss possible tariff reductions and other trade obstacles. Some of these obstacles include; quantitative restrictions and subsidies Also, if a country offers a special advantage to one country, like trading some sort of product, it has to trade that with all of the other countries. GATT helps to make sure of this. Reduce Barriers

Gross Domestic Product Financial Base Gross Domestic Product Countries involved with the United Nations give a certain percentage of their GDP to support different organizations within the UN. Therefore, money gained by the United Nations is partially used as funding for the General Agreement on Tariffs and Trade.

KEY VENTS

Just a collage of the original 23 countries who were the first members of GATT

Rounds The GATT consisted of eight rounds or discussion periods in which the members went over the certain topics about international trade The 8 rounds were; Geneva, Annecy, Torquay, Geneva II, Dillon, Kennedy, Tokyo, and Uruguay The GATT consisted of eight rounds or discussion periods in which the members went over the certain topics about international trade The 8 rounds were; Geneva, Annecy, Torquay, Geneva II, Dillon, Kennedy, Tokyo, and Uruguay

Geneva Original signing of GATT Started April 1947 and lasted 7 months Involved 23 countries Topic covered was tariffs 45 tariff concessions affecting $10 billion of trade

Annecy Started April 1949 and lasted for 7 months Involved 13 countries Topic covered was tariffs Exchanged some 5000 tariff concessions

Torquay Began in September 1950 and lasted for 8 months Involved 38 countries Topic covered was tariffs Countries exchanged some 8700 tariff concessions, cutting the 1948 tariff levels by 25%

Geneva II Started in January 1956 and lasted 5 months Involved 26 countries Topics covered were tariffs and the admission of Japan $2.5 billion in tariff reductions

Dillon Began in September 1960 and lasted 11 months 26 countries involved Topic covered was tariffs Tariff concessions worth $4.9 billion of world trade

Kennedy Started in May 1964 and lasted 37 months 62 countries involved Topics covered were tariffs and anti-dumping Tariff concessions worth $40 billion of world trade

Tokyo Started September 1973 and lasted 74 months Involved 102 countries Topics discussed were tariffs, non-tariff measures, “framework” agreements

Uruguay Started in September 1986 and lasted 87 months Involved 123 countries A lot of topics discussed These included; tariffs, dispute settlement, textiles, agriculture, and the creation of the WTO. The round led to the creation of WTO, and extended the range of trade negotiations, leading to major reductions in tariffs (about 40%) and agricultural subsidies, an agreement to allow full access for textiles and clothing from developing countries, and an extension of intellectual property rights.