What are the objectives of WTO?

The WTO has six key objectives: (1) to set and enforce rules for international trade, (2) to provide a forum for negotiating and monitoring further trade liberalization, (3) to resolve trade disputes, (4) to increase the transparency of decision-making processes, (5) to cooperate with other major international economic …

What are the provisions of GATT?

Settlement of Disputes.

  • Provision # 1. The ‘Most Favoured Nation’ Clause:
  • Provision # 2. Quantitative Restrictions on Imports:
  • Provision # 3. Tariff Negotiations and Tariff Reduction:
  • Provision # 4. Subsidies and Counter-Veiling Duties:
  • Provision # 5. Complaints and Waivers:
  • Provision # 6. Settlement of Disputes:

What are the objectives of GATT?

The GATT is an international trade agreement whose objectives are: (a) to help raise standards of living; (b) to achieve full employment; > (c) to develop the world’s resources; (d) to expand production and exchange of goods; (e) to promote economic development.

What are the functions of GATT and WTO?

The predecessor of the WTO is the General Agreement on Tariffs and Trade (GATT). Both the GATT and WTO aim at reducing tariff and eliminating other trade barriers among Members. The GATT was founded in 1947 with 23 Members and now, the WTO has 164 Members, contributing to 98% of global trade.

What are the two main functions of the WTO?

WTO carries out its two basic functions, serving as a negotiating forum and providing a dispute resolution system, through what we could label a legislative branch permanently represented by the General Council; a judicial branch represented by the Dispute Settlement Body and the Appellate Body; and, by a form of …

Is GATT and WTO same?

GATT refers to an international multilateral treaty, signed by 23 nations to promote international trade and remove cross-country trade barriers. On the contrary, WTO is a global body, which superseded GATT and deals with the rules of international trade between member nations.

What is the relationship between GATT and WTO?

The GATT is the General Agreement on Tariffs and Trade. The WTO is the World Trade Organization. GATT was an international treaty with a temporary international existence, whereas the World Trade Organization is a permanent body whose authority has been ratified by its many member nations.

What are the two principles of GATT?

The Fundamental Principles of the GATT and the WTO Perhaps the most important and enduring of these basic rules embodied in the GATT 1947 are the fundamental principle of reciprocity and two nondiscrimination principles—most-favored-nation treatment and national treatment.

What are the two main function of the WTO?