Economy Research
HISTORY OF GATT & THE WTO SYSTEM
A BRIEF HISTORY OF THE GATT
Beggar-thy-neighbour tariff policies of 1930s => WWII Bretton Woods Conference at the end of the WWII, finance ministers from the Allied nations gathered to discuss creation of a new monetary system that would support postwar reconstruction, economic stability, and peace. => IBRD & IMF => need for a third institution, ITO. 1940s: Representatives met to design a postwar trading system that would parallel the international monetary system. y y
Draft a Charter for ITO, Negotiate the substance of an ITO agreement (rules governing governing international trade and reductions in tariffs.
1947: 23 Members Today: 153 Members
GATT TRADE ROUNDS
Year 1947 1949 1951 1956 Place / Name Geneva Annecy Torquay Geneva Subjects Covered Tariffs Tariffs Tariffs Tariffs Tariffs Countries 23 13 38 26 26 62 102
1960 ² 1961 Dillon Round
1964 ² 1967 Kennedy Tariffs and Anti-Dumping Round Measures 1973 ² 1979 Tokyo Round Tariffs, Non-tariff Measures, Framework Agreements
1986 ² 1994 Uruguay Tariffs, Non-tariff Measures, 123 Round Rules, Services, Intellectual Property, Dispute Settlement, Textiles, Agriculture, Creation of WTO
TIMELINE OF GATT & WTO -1
1944: At the Bretton Woods Conference, which created the IBRD and IMF, there is talk of a third organisation, the ITO. 1947: As support for another international organisation wanes in the U. S. Congress, the General Agreement on Tariffs and Trade is created. The Gatt Treaty Creates a set of rules to govern trade among 23 member countries rather than a formal institution. 1950: Formal U.S. Withdrawal from the ITO concept as the U.S. Administration abandons efforts to seek congressional ratification of the ITO
TIMELINE OF GATT & WTO -2
1951 ² 1986: Periodic negotiating rounds occur, with occasional discussions of reforms of GATT. In 1980s, serious problems with dispute resolutions arise. The Uruguay Round, a new
A BRIEF HISTORY OF THE GATT
Beggar-thy-neighbour tariff policies of 1930s => WWII Bretton Woods Conference at the end of the WWII, finance ministers from the Allied nations gathered to discuss creation of a new monetary system that would support postwar reconstruction, economic stability, and peace. => IBRD & IMF => need for a third institution, ITO. 1940s: Representatives met to design a postwar trading system that would parallel the international monetary system. y y
Draft a Charter for ITO, Negotiate the substance of an ITO agreement (rules governing governing international trade and reductions in tariffs.
1947: 23 Members Today: 153 Members
GATT TRADE ROUNDS
Year 1947 1949 1951 1956 Place / Name Geneva Annecy Torquay Geneva Subjects Covered Tariffs Tariffs Tariffs Tariffs Tariffs Countries 23 13 38 26 26 62 102
1960 ² 1961 Dillon Round
1964 ² 1967 Kennedy Tariffs and Anti-Dumping Round Measures 1973 ² 1979 Tokyo Round Tariffs, Non-tariff Measures, Framework Agreements
1986 ² 1994 Uruguay Tariffs, Non-tariff Measures, 123 Round Rules, Services, Intellectual Property, Dispute Settlement, Textiles, Agriculture, Creation of WTO
TIMELINE OF GATT & WTO -1
1944: At the Bretton Woods Conference, which created the IBRD and IMF, there is talk of a third organisation, the ITO. 1947: As support for another international organisation wanes in the U. S. Congress, the General Agreement on Tariffs and Trade is created. The Gatt Treaty Creates a set of rules to govern trade among 23 member countries rather than a formal institution. 1950: Formal U.S. Withdrawal from the ITO concept as the U.S. Administration abandons efforts to seek congressional ratification of the ITO
TIMELINE OF GATT & WTO -2
1951 ² 1986: Periodic negotiating rounds occur, with occasional discussions of reforms of GATT. In 1980s, serious problems with dispute resolutions arise. The Uruguay Round, a new