COMMERCE 4SA3 Lecture : Chapter 10.docx

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The general agreements on tariffs and trade and the wto. Ito never came into being; instead gatt (general agreements on tariffs and trade) was created. Provided a form for trade ministers to discuss policies and problems of common concern. Goal to promote a free and competitive international trading environment benefiting efficient producers, an objective supported by mncs. Sponsored multinational negotiations to reduce tariffs, quotas and other nontariff barriers. Gatt negotiations led to dramatic growth in world trade since end of wwii. Most favour nation (mfn) principle: requires that preferential treatment granted to one country must be extended to all countries. Us cut tariff imports of british trucks 20%, it also had to reduce tariffs from all other members by. To assists poorer countries in economic development efforts, the gatt permitted members to lower tariffs to developing countries without lowering them for more developed countries.

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