WTO AND ITS LEGAL IMPORTANCES
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Transcript of WTO AND ITS LEGAL IMPORTANCES
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Anita
Ghanshyam
Greshma
Ojash
Rohan
Ranjana
hussain
http://www.wto.org/index.htm -
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WTO- IN BRIEF
GATT-The general agreement on
tariff and trade was formed on 1948.
Signed by 23 countries. Secretariat staff: 625
Decided to form it in Geneva conference
1994.
Official Formation-January 1, 1995.
Signed by 128 countries.
Headquarter- Geneva, Switzerland.
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Membership -153 member states. (on 23 July 2008)
Director General- Pascal Lamy.
Meeting every two years. A global organization dealing with rules of trade between
nations.
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To promote and ensure the international trade in themember countries with the mantra of
LIBERELISATION, PRIVATISATION &
GLOBALISATION
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Principles of the trading
system Non-Discrimination
The most favored nation (MFN) rule.
The national treatment policy.
More competitive.
Binding and enforceable commitments.
Transparency. Safety valves WTO.
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Difference Between GATT and WTO
GATT
GATT was ad hoc and
provisional.
GATT had contracting parties.
GATT system allowed existing
domestic.
GATT was less powerful, dispute
settlement system was slow and
less efficient, its ruling could beblocked.
WTO
WTO and its agreements are
permanent
WTO has members
WTO does not permit
WTO is more powerful than
GATT, dispute settlement
mechanism is faster and more
efficient, very difficult to blockthe rulings.
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The GATT trade rounds
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GENEVA ROUND OFGATT
April 1947 7 months
23 countries
Signing of GATT,
45,000 tariffconcessions affecting
$10 billion of trade
ANNECY ROUND OFGATT
April 1949
5 months 13 countries
Countries exchanged
some 5,000 tariff
concessions
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TORQUAY ROUND OF GATT
September 1950
8 months 38 countries
Countries exchanged some
8,700 tariff concessions,
cutting the 1948 tariff levelsby 25%
GENEVA II ROUND OFGATT
January 1956
5 months 26 countries
admission of Japan $2.5
billion in tariff reductions
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DILLON ROUND OFGATT
September 1960 11 months
26 countries
Tariff concessions
worth $4.9 billion ofworld trade
KENNEDY ROUND OFGATT
May 1964 37 months
62 countries
Anti-dumping Tariff
concessions worth$40 billion of world
trade
WTO
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September 1973
74 months
102 countries
non-tariff measures, "framework" agreements
Tariff reductions worth more than
$300 billion dollars achieved
TOKYO ROUND
GATT
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September1986
87 months
123 countries
Tariffs, non-tariff
measures,rules, services,intellectualproperty,
disputesettlement,
textiles,
agriculture,creation ofWTO, etc
creation of WTO,agricultural subsidies,
agreement to allowfull access fortextiles
and clothing fromdeveloping countries,and extension of
intellectual propertyrights.
WTO
URUGUAY ROUND OF
GATT
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Doha Round- Doha summit
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Achievements
The system encourages good government
Governments are shielded from lobby
The basic principles make life more efficient
Trade stimulates economic growth
Trade raises incomes
It provides more choice of products and qualities
Freer trade cuts the costs of living
Rules make life easier for all
Disputes are handled constructively
The system helps promote peace
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Criticisms.
The rich get richer and the poor get poorer.
Smaller countries have less negotiation power.
Domestic support and export subsidies for agricultural
products in the rich countries remain high
The most non-transparent of international
organizations.
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Bibliography & Webliography
WTOwto.org
Google.com
Wikipedia.com
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THANK
YOU