What do you know about GATT and WTO?
The General Agreement on Tariffs and Trade
(GATT) was first signed in 1947. The agreement was designed to provide an
international forum that encouraged free trade between member states by regulating
and reducing tariffs on traded goods and by providing a common mechanism for resolving trade
disputes. Eight major trade negotiations had taken place starting from first round in 1947 (Geneva),
to its eighth round in Uruguay in
1986-94. Then it was converted into WTO.
The World Trade Organization (WTO) began
its operations in 1995 as a successor of GATT, which
represents the rules-based regime of the policy of economic globalization. The central operating principal of the WTO is that commercial interests should supersede all others. Any
obstacles in the path of operations and expansion of global business enterprise
must be subordinated. Its membership includes 146 nations including US.
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