GATT
Report on
GLOBAL BUSINESS ENVIRONMENT
Topic: The General Agreement on Tariffs and Trade (GATT)
Group 3 Members:
Date: 03/06/2013
CONTENT
SL. NO
TITLE
PAGE NO
1.
Executive summary
3-5
2.
Introduction
5-7
3.
What is GATT?
7
4.
Objectives of GATT
7
5.
Provision of GATT
8-18
6.
GATT “Rounds” of Global Trade Negotiations
18-28
7.
GATT and Developing Countries
28-29
8.
Criticisms of GATT
29-30
9.
Conclusion
31
EXECUTIVE SUMMARY
The first round of GATT took place in 1947 in Geneva and ended in 1948. Although the talks failed to create the ITO they did produce the GATT agreements that 23 out of the 45 Allies signed. 45,000 tariff concessions were made influencing over $10 billion in trade which comprised 20% of the total global market at the time. The US specifically developed the "unconditional most favored nation principle." Congress granted the President temporary and provisional power over the GATT negotiations and all nations trading with the USA would be bound by the same rules as the nation with the least restrictions. The US senate blocked the approval of the ITO out of fear that it may have been misused to regulate cartels in Europe.
The second round took place in 1949 in Annecy, France. The main focus of the talks was more tariff reductions, around 5000 total.
The third round occurred in Torquay, England in 1951. About 8,700 tariff concessions were made totaling the remaining amount of tariffs to three-fourths of the tariffs which were in effect in 1948.
The fourth round returned to Geneva in 1955 and lasted until May 1956. $2.5 billion in tariffs were eliminated or reduced.
The fifth round occurred once more in Geneva and lasted from 1960 to 1962. The talks were named after Under Secretary of State General of the US, Douglas Dillon, who first proposed the talks. Along with reducing over $4.9 billion in tariffs, it also yielded discussion relating to the
GLOBAL BUSINESS ENVIRONMENT
Topic: The General Agreement on Tariffs and Trade (GATT)
Group 3 Members:
Date: 03/06/2013
CONTENT
SL. NO
TITLE
PAGE NO
1.
Executive summary
3-5
2.
Introduction
5-7
3.
What is GATT?
7
4.
Objectives of GATT
7
5.
Provision of GATT
8-18
6.
GATT “Rounds” of Global Trade Negotiations
18-28
7.
GATT and Developing Countries
28-29
8.
Criticisms of GATT
29-30
9.
Conclusion
31
EXECUTIVE SUMMARY
The first round of GATT took place in 1947 in Geneva and ended in 1948. Although the talks failed to create the ITO they did produce the GATT agreements that 23 out of the 45 Allies signed. 45,000 tariff concessions were made influencing over $10 billion in trade which comprised 20% of the total global market at the time. The US specifically developed the "unconditional most favored nation principle." Congress granted the President temporary and provisional power over the GATT negotiations and all nations trading with the USA would be bound by the same rules as the nation with the least restrictions. The US senate blocked the approval of the ITO out of fear that it may have been misused to regulate cartels in Europe.
The second round took place in 1949 in Annecy, France. The main focus of the talks was more tariff reductions, around 5000 total.
The third round occurred in Torquay, England in 1951. About 8,700 tariff concessions were made totaling the remaining amount of tariffs to three-fourths of the tariffs which were in effect in 1948.
The fourth round returned to Geneva in 1955 and lasted until May 1956. $2.5 billion in tariffs were eliminated or reduced.
The fifth round occurred once more in Geneva and lasted from 1960 to 1962. The talks were named after Under Secretary of State General of the US, Douglas Dillon, who first proposed the talks. Along with reducing over $4.9 billion in tariffs, it also yielded discussion relating to the