BSLW1021 Chapter Notes - Chapter 7: 3 Count, Single European Act, North American Free Trade Agreement
Document Summary
Chapter 7 the legal environment of trade. Gatt- the general agreement on tariffs and trade 1994. Multilateral treaty subscribed to by 127 member governments, including the us. Liberalize world trade and make it secure for furthering economic growth and human development. Fundamental principles: trade without discrimination based on most favored nation clause. Most favored nation clause: in treaties between countries, one whereby any privilege subsequently granted to a third country in relation to a given treaty subject is extended to the other party to the treaty. All member countries grant each other equal treatment / no special trading advantages: protection through tariffs. Protection for a domestic industry, which should be extended essentially through a tariff, not through other commercial measures. Aim is to make the extent of protection clear and to make competition possible. Responsibility for administrating and policing the objectives of the former gatt administrative structure.
