ECO3701 Lecture Notes - Lecture 6: Countervailing Duties, General Agreement On Tariffs And Trade, Bali Package
Document Summary
Objective was to establish an international trade organization. Us government declined to seek approval of ito. General agreement on tariffs and trade (gatt) came out of plans discussed at the bretton woods conference in 1944. Gatt provided the framework for tariff reduction rounds . Included a wto charter: established wto as a legal international organization, stipulated that wto shall provide the common institutional framework for the conduct of trade relations among its members , defined the functions of wto. Issues around market access, domestic support, and export subsidies. Market access provided for the conversion of quotas to tariffs is known as tariffication, and for tariff reductions by the developed and developing countries. Domestic support agreement provided for reductions in total aggregate measures of support in the developed and developing countries. Export subsidies required of developed and developing countries; persistence of export subsidies in the developed countries.
