Which Of The Following Statements Is True About The General Agreement On Tariffs And Trade

The sixth round of GATT multilateral trade negotiations, which took place from 1964 to 1967. It was named after U.S. President John F. Kennedy in recognition of his support for the reformulation of the U.S. trade agenda, which culminated in the Trade Expansion Act in 1962. This legislation has given the president the greatest bargaining power of all time. In the end, tariffs fell by 35%, with the exception of textiles, chemicals, steel and other sensitive products; In addition to a 15% to 18% reduction in tariffs on agricultural and food products. In addition, the chemical negotiations resulted in an interim agreement on the abolition of the US selling price (ASP). This was a method of assessing certain chemicals used by these countries for the institution of import duties, which gave domestic producers a much higher level of protection than indicated under tariff conditions. The prosperity of the global economy over the past half century is due in large part to the growth of world trade, partly due to far-sighted officials who created the GATT.

They have defined a number of procedures aimed at providing stability to the trading environment and thus facilitating the rapid growth of world trade. In the long term, GATT conference countries have helped to put the global economy on a solid footing and thus improve the livelihoods of hundreds of millions of people around the world. Which of the following institutions regulated trade relations between states in the post-World War II period? THE GATT and its successor, the WTO, have succeeded in reducing tariffs. Average tariff levels for large GATT participants were about 22% in 1947, but were 5% after the Uruguay Round of 1999. [4] Experts attribute some of these tariff changes to the GATT and the WTO. [5] [6] [7] GaTT was created to establish rules to end or limit the most costly and undesirable features of pre-war period, namely quantitative barriers to trade such as trade controls and quotas. The agreement also provided for a system for resolving trade disputes between nations and the framework allowed for a series of multilateral negotiations on the removal of customs barriers. The GATT was considered a major success in the post-war years. While THE GATT was a set of rules agreed upon by nations, the WTO is an intergovernmental organization with its own headquarters and staff, whose scope covers both traded goods and trade in the service sector and intellectual property rights.

Although used for multilateral agreements, multilateral agreements have led to selective exchanges and fragmentation among members in several rounds of negotiations (particularly the Tokyo Round). WTO agreements are generally a multilateral mechanism for the settlement of GATT agreements. [24] The General Agreement on Tariffs and Trade (GATT), signed on 30 October 1947 by 23 countries, was a legal agreement to minimize barriers to international trade by removing or reducing quotas, tariffs and subsidies while maintaining important rules. The GATT is expected to stimulate economic recovery after the Second World War through the reconstruction and liberalization of world trade.