GATT Agreement
Evolution of the GATT agreement
GATT was created in 1947, the first major impetus for international trade regulation. The idea of a joint agreement at the Bretton Woods Conference to control trade and recapture countries after World War II stimulated the economy. GATT was initially thought of as a contract, and some thought GATT was an organization(Hoda, 2018). In the final round of the 1990s Uruguay Round, GATT merged with the World Trade Organization (WTO).
Role of the WTO in the GATT agreement
The World Trade Organization (WTO), is a virtual permanent organization with its base and members. Because of this, the WTO has more power than GATT. The WTO was launched in 2001 at the Doha Development Round. WTO resolves trade disputes internationally(Hoda, 2018). Since the two merged, they have made several changes to help developed countries as well as reduce tariffs and trade barriers. The WTO consists of three organizations: the GATT, the Trade Agreement on Services (GATTS), and the Trade Aspects of Multiple Property (TRIPS).
Basic multinational trade agreements in force today
Multinational trade agreements are agreements in which only three or more parties are involved. These agreements help reduce imports, exports, and tariffs. Many multinational trade agreements are in use today, and I consider the following to be the largest multinational trade agreements still in use. Sanitary and Phytosanitary Practices (SPS Agreement) are considered to be the primary multinational agreement specifying what a WTO member should do for the health and care of humans, plants, and animals. Another important multilateral trade agreement is the Trade Investment Procedure Agreement (TRIM), which regulates foreign investment that hinders international trade and thereby encourages more foreign investment. The agreement on the import licensing process is an agreement that will help create a unified environment for all licensing processes (Hoda, 2018). The Subsidies and Correlation Measure (SCWM) agreement is an important multinational trade agreement that clarifies unfair subsidies to WTO member states and seeks to balance these unfair subsidies to promote economic growth and trade.
References
Hoda, A. (2018). Tariff Negotiations and Renegotiations under the GATT and the WTO: Procedures and Practices. Cambridge University Press.