Which Of The Following Is True About The General Agreement On Tariffs And Trade

Which Of The Following Is True About The General Agreement On Tariffs And Trade

The goal of the GATT was to eliminate harmful trade protectionism. Trade protectionism probably contributed to the 66% reduction in world trade during the Great Depression. The GATT helped restore the world`s economic health after the ravages of depression and World War II. In May 1963, the ministers agreed on three negotiating objectives: another outcome of the kennedy round was the adoption of an anti-dumping code that gave more precise guidelines for the implementation of Article VI of the GATT. In particular, it sought to ensure prompt and fair investigations and limited the retroactive application of anti-dumping measures. 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. At the same time, 15 countries focused on negotiating a simple trade agreement. They agreed to remove trade restrictions on $10 billion or one-fifth of the world`s trade zone. A total of 23 countries signed the GATT agreement on 30 October 1947, paving the way for its implementation on 30 June 1948. Following the UK`s vote to leave the European Union, proponents of leaving the European Union proposed that Article 24, paragraph 5B of the treaty could be used to maintain a “stalemate” in trade conditions between the UK and the EU if the UK left the EU without a trade deal, thereby preventing the imposition of tariffs. Proponents of this approach believe that it could be used to implement an interim agreement until a final agreement of up to ten years is negotiated.

[25] Another was the internal crisis of 1965, which ended with the Luxembourg compromise. Preparations for the new round were immediately overshadowed by the chicken war, an early sign of the impact of variable levies under the Common Agricultural Policy.

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