General Agreement Meaning

In addition to expanding and revising the terms of the GATT, these negotiations have resulted in the adoption of numerous new multilateral treaties on trade in services, international treatment of intellectual property and the creation of the WTO, in order to settle all these agreements and settle disputes between members. The WTO would succeed THE GATT as a global framework for international trade following the Uruguay Round and came into force in 1995. THE GATT, founded in 1947 with a treaty signed by 23 countries, became international law on 1 January 1948. It remained one of the priorities of international trade agreements until its replacement by the WTO on 1 January 1995. To date, 125 nations signed their agreements, which covered about 90% of world trade. While THE GATT was a set of rules agreed upon by nations, the WTO is an intergovernmental organization with its own headquarters and staff, whose scope covers both traded goods and trade in the service sector and intellectual property rights. Although used for multilateral agreements, multilateral agreements have led to selective exchanges and fragmentation among members in several rounds of negotiations (particularly the Tokyo Round). WTO agreements are generally a multilateral mechanism for the settlement of GATT agreements. [24] Since then, there has been a dispute over whether this symbolic gesture was a victory for it or whether it was excluded in the future from meaningful participation in the multilateral trading system. On the other hand, there is no doubt that the three-year extension of the international cotton textile trade agreement, which has become a multi-net agreement, has had the effect of hampering developing countries` export opportunities in the longer term.

In May 1963, ministers agreed on three negotiating objectives: an average reduction of 35% in tariffs was finally achieved, with the exception of textiles, chemicals, steel and other sensitive products; In addition to a 15% to 18% reduction in tariffs on agricultural and food products. In addition, the chemical negotiations resulted in an interim agreement on the abolition of the US selling price (ASP). This was a method of assessing certain chemicals used by these countries for the institution of import duties, which gave domestic producers a much higher level of protection than indicated under tariff conditions. One of the practical results of the MFN clause was that, once a country had negotiated a tariff reduction with some other countries (usually its main trading partners), that reduction would automatically apply to all GATT signatories.

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