In addition to the expansion and revision of gatt provisions, these negotiations have resulted in the adoption of many new multilateral treaties on trade in services, the international treatment of intellectual property and the establishment of the WTO to settle all these agreements and settle disputes between members. The WTO would succeed GATT as a comprehensive framework for international trade at the end of the Uruguay Round and would enter into force in 1995. You can find the decisions of WTO bodies concerning the GATT agreement in the analytical index Guide to WTO law and practice Gatt was created to establish rules to end or limit the most costly and undesirable features of the protectionist pre-war period, namely quantitative barriers to trade, such as trade controls and quotas. The agreement also provided for a system for settling trade disputes between nations and the framework allowed for a series of multilateral negotiations aimed at removing tariff barriers. Gatt was considered an important success in the post-war years. The prosperity of the world economy over the past half century is due in large part to the growth of world trade, which is partly the result of far-sighted officials who launched gatt. They defined a number of procedures that would bring stability to the trading environment, thus facilitating the rapid growth of world trade. In the long term, the initial GATT conferences helped lay a solid foundation for the global economy, improving the livelihoods of hundreds of millions of people around the world. In addition, countries could restrict trade on national security grounds. These include the protection of patents, copyrights and public morals. The details of GATT have been optimized in the decades since its creation. The main objective of the continuation of the negotiations was to continue to reduce tariffs.
In the mid-1960s, an anti-dumping agreement was added with the Kennedy Round, while the Tokyo Round improved other aspects of trade in the 70s. The Uruguay Round lasted from 1986 to 1994 and created the World Trade Organization. The most important requirement was that each member should grant any other member most-favoured-nation status. All members must be treated on the same point when it comes to tariffs. He excluded special tariffs among members of the British Commonwealth and the customs union. It has authorised customs duties if its removal would cause serious injury to domestic producers. The General Agreement on Tariffs and Trade (GATT) governs international trade in goods. The operation of the GATT Agreement falls within the competence of the Trade in Goods Council, composed of representatives of all WTO Member States.
The current presidency is. The fifth round was held again in Geneva and lasted from 1960 to 1962. The discussions are named after U.S. Treasury Secretary and former Under Secretary of State Douglas Dillon, who first proposed the discussions. Twenty-six countries participated in the round. In addition to reducing tariffs by more than $4.9 billion, this has also led to discussions on the creation of the European Economic Community (EEC). .