The Gatt Agreement Was Replaced By The World Trade Organization. True False

By stancutler,

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This is true or false: since the establishment of the WTO, the use of litigation has decreased considerably. In addition to facilitating applied tariff reductions, GATT`s contribution to trade liberalization includes “the commitment of extended-term tariff reductions (which became more sustainable in 1955), the definition of universality of non-discrimination through the treatment of the most favoured nation (MFN) and the status of domestic treatment, ensuring greater transparency in trade policies and creating a forum for negotiations and the peaceful settlement of bilateral disputes. All of these have helped to streamline trade policy and reduce trade barriers and political uncertainty. [4] The WTO launched the current round of negotiations, the Doha Development Round, at the fourth ministerial conference in Doha, Qatar, in November 2001. It should be an ambitious attempt to make globalization more inclusive and to help the world`s poor, including by removing barriers and agricultural subsidies. [21] The initial agenda included both continued trade liberalization and new rules, underpinned by commitments to strengthen substantial aid to developing countries. [22] One of GATT`s main achievements has been indiscriminate trade. Any GATT signatory should be treated like any other, known to be the nation`s most privileged principle and entered into the WTO. The practical result was that, once a country had negotiated a tariff reduction with some other countries (usually its major trading partners), this reduction would automatically apply to all GATT signatories. There were escape clauses under which countries could negotiate exemptions if their domestic producers were particularly harmed by tariff reductions. The World Trade Organization (WTO) is an intergovernmental organization that governs international trade. The WTO was officially opened on 1 January 1995, as part of the 123-nation Marrakesh Agreement signed on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which began in 1948. [2] The WTO regulates trade between participating countries through the establishment of a framework for the negotiation of trade agreements and a dispute settlement procedure to enforce WTO agreements by participants signed by representatives of member governments[3]:fol.9-10 and ratified by their parliaments.

[4] Most of the issues the WTO focuses on come from previous trade negotiations, including the Uruguay Round (1986-1994).

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