Question
Distinguish between GAIT and WTO. Explain the structure and functions of WTO.
Answer :
Word Count : 805
| Aspect | GATT (General Agreement on Tariffs and Trade) | WTO (World Trade Organization) |
|---|---|---|
| Formation | Established in 1947 as an interim multilateral trade agreement after World War II. | Established in 1995 as the successor to GATT, with a broader scope and institutional framework. |
| Nature | GATT was primarily a set of agreements and principles focused on reducing tariffs and trade barriers. | WTO is a permanent international organization with the power to enforce trade agreements and resolve disputes. |
| Scope | Primarily focused on trade in goods, with limited provisions for services and intellectual property. | Encompasses trade in goods, services, and intellectual property, making it a more comprehensive institution. |
| Principles | GATT principles include Most-Favored-Nation (MFN) treatment, National Treatment, and the principle of reciprocity. | WTO retains GATT principles _________ __________ _______ ____ _____ ____ __________. ____ __________ ______ ________ __________ _____ ____ ___ _____ ________. _____ ________ ____ _________ ________ __________ ______ ____ _________ __________. ________ ____ ____ _________ _____ _____ ____ ______ __________ _______ ______ ______. _________ _____ _____ ________ _____ _________ _______. _______ ____ ____ ______ _________ _____ ____ ___. ___ _______ ___ ____ ____ _____. _________ ________ _________ ________ __________ ____ _______ ________ __________ ___. _____ _______ ____ _____ ___ __________ ____ ______ ________ ______ ______. _____ _____ __________ ___ __________ _________. ________ ____ ______ ___ ___. __________ __________ _______ ____ _____ _________ ________ __________. _____ _______ ___ ___ __________ __________. _______ __________ _______ __________ 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