b) GATT and WTO

Question

b) GATT and WTO

09 Apr 2024

Answer :

Word Count : 727

GATT and WTO: Evolution and Impact on the International Business Environment

The General Agreement on Tariffs and Trade (GATT) and its successor, the World Trade Organization (WTO), have played pivotal roles in shaping the landscape of international trade. Understanding their evolution and impact on the international business environment is essential for comprehending contemporary global commerce.

Evolution of GATT and Establishment of WTO:

The seeds of GATT were sown in the aftermath of World War II. Delegates from 23 nations gathered in Geneva in 1947 to negotiate a framework for international trade, with a primary focus on reducing tariffs and trade barriers. Over subsequent rounds of negotiations, GATT expanded its scope to cover a wide range of trade-related issues, including agriculture, textiles, and intellectual property.

However, by the late 1980s, it became evident that GATT had limitations. Its framework lacked enforceability mechanisms, and the increasingly complex global economy demanded a more comprehensive institution to govern international trade. Consequently, the Uruguay Round of negotiations (1986-1994) led to the establishment of the World Trade Organization (WTO) in 1995.

Functions of GATT and WTO:

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