GATT || General Agreement on Tariff and Trade || Objective || Principal || Evalution

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INTRODUCTION

The international conference of 1944 which recommended the
establishment of IMF(International Monetary Fund) and World Bank and
Also recommended the establishment of ITO(International Trade Organisation) but did not materialize, but in the year 1948 GATT was established

GATT was signed by 23 nations in Geneva on October 30, 1947, and took effect on January 1, 1948.
It remained in effect until the signature by 123 nations in Marrakesh on April 14, 1994, which established the World Trade Organization (WTO) on January 1, 1995.
GATT was a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas, substantial reduction of tariffs, mutually advantages basis."

OBJECTIVE

The primary objectives of GATT was to expand international trade by liberalizing so as to bring about all round economic prosperity, the important objective are as follows as

1) Raising standards of living.

2) Ensuring full employment.

3) Developing full use of resources of the world.

4) Expansion of production and international trade.

PRINCIPAL

1) Any proposed change in the tariff or any type of commercial policy of a member country should not be undertaken without the consultation with the other parties to the agreement.

2) The countries that adhear to get work towards the reduction of tariff and other barriers to the international trade should be negotiated within the frame work of GATT.

Evalution of GATT

1.) When GATT was signed in the year 1947 only 23 nations were party to it. In the 1986, there were 117 were members. One of the principle achievement of GATT was the establishment of forum for continuing consultation.