Who benefits from GATT and the WTO?
JesseGordon gave this response on 8/22/2000: I’ll start off with some basics; “GATT” is the old name and “WTO” is the new name. * The World Trade Organization (WTO) is an international organization intended to reduce trade barriers, formed in 1995. * The General Agreement on Trade and Tariffs (GATT) is the international treaty which preceded the WTO’s formation; it began in 1947. * The ‘Uruguay Round’ was the most recently completed round of GATT negotiations, completed in 1994. * Negotiations to start a new ‘Round’ took place in Seattle in Dec. 1999, but were disrupted by riots. * WTO members (which includes the US and most industrialized countries) grant each other ‘MFN’ or Most Favored Nation status, which means minimal import tariffs. Basically , the WTO “works” by requiring signatory countries to lower their import tariffs, import quotas, export subsidies, and other domestic laws that hinder free trade. One country can “sue” another if they think the other country is imposing trad
JesseGordon gave this response on 8/22/2000: I’ll start off with some basics; “GATT” is the old name and “WTO” is the new name. * The World Trade Organization (WTO) is an international organization intended to reduce trade barriers, formed in 1995. * The General Agreement on Trade and Tariffs (GATT) is the international treaty which preceded the WTO’s formation; it began in 1947. * The ‘Uruguay Round’ was the most recently completed round of GATT negotiations, completed in 1994. * Negotiations to start a new ‘Round’ took place in Seattle in Dec. 1999, but were disrupted by riots. * WTO members (which includes the US and most industrialized countries) grant each other ‘MFN’ or Most Favored Nation status, which means minimal import tariffs. Basically , the WTO “works” by requiring signatory countries to lower their import tariffs, import quotas, export subsidies, and other domestic laws that hinder free trade. One country can “sue” another if they think the other country is imposing trad
