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Slide 2:

Bretton Woods conference (1944) as starting point for a new order of then world economy with the cornerstones: International Monetary Fund (IMF) International Bank for Reconstruction and Development (IBRD) International Trade Organization (ITO) • IMF was designed to take care of short term problems in connection with international liquidity • IBRD is one of 5 institutions that comprise the World Bank Group • During negotiations on the ITO in 1946, some countries saw a need for immediate tariff reductions :- US took the initiative in preparing a document on a “general agreement on tariffs and trade” Subsequent negotiations in Geneva between a group of 23 countries resulted in a set of mutual tariff reductions ( GATT)

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Foundation of the GATT The GATT was signed by its 23 founding members on 30 October 1947 and entered into force on 1 January 1948 23 Founding member countries of the GATT: United States, Canada, Cuba, Brazil, Chile, Australia, New Zealand, China, India , Myanmar, Sri Lanka, Pakistan, Syria, Lebanon, South Africa, Zimbabwe, United Kingdom, France, Belgium, Luxembourg, Netherlands, Norway, Czechoslovakia GATT was introduce as a stepping stone towards the establishment of the ITO and embodied many principles of the proposed ITO.

GATT and WTO :

GATT and WTO The General Agreement on Tariffs and Trade (GATT), which was signed in 1947, is a multilateral agreement regulating trade among about 150 countries. According to its preamble, the purpose of the GATT is the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis.“

GATT and WTO :

GATT and WTO The Uruguay Round, which was completed on December 15, 1993 after seven years of negotiations, resulted in an agreement among 117 countries (including the U.S.) to reduce trade barriers and to create more comprehensive and enforceable world trade rules. The agreement coming out of this round, the Final Act Embodying the Results of the Uruguay Round of Multilateral Trade Negotiations, was signed in April 1994. The Uruguay Round agreement was approved and implemented by the U.S. Congress in December 1994, and went into effect on January 1, 1995.

GATT and WTO :

GATT and WTO This agreement also created the World Trade Organization (WTO), which came into being on January 1, 1995. The WTO implements the agreement, provides a forum for negotiating additional reductions of trade barriers and for settling policy disputes, and enforces trade rules. The WTO launched the ninth round of multilateral trade negotiations under the "Doha Development Agenda" (DDA or Doha Round) in 2001.

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WTO: Functions Administring and implementing the multilateral and plurilateral trade agreements Forum for multilateral trade negotiations Dispute settlement Overseeing national trade policy Cooperation with IMF and World Bank

WTO: Basic Principles:

WTO: Basic Principles (1) Trade without discrimination (2) Predictable and growing access to market (3) Undistorted, fair competition (4) Transparency

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Ministerial Conference Council for Trade in Goods General Council meeting as Trade Policy Review Body Council for TRIPS General Council meeting as Dispute Settlement Body General Council Council for Trade in Services Appellate Body Dispute Settlement panels Committees on Trade and Environment Trade and Development Subcommittee on Least-Developed Countries Regional Trade Agreements Balance of Payments Restrictions Budget, Finance and Administration Working parties on Accession Working groups on Trade, debt and finance Trade and technology transfer ( Inactive: (Relationship between Trade and Investment, (Interaction between Trade and Competition Policy (Transparency in Government Procurement) Committees on Market Access Agriculture Sanitary and Phytosanitary Measures Technical Barriers to Trade Subsidies and Countervailing Measures Anti-Dumping Practices Customs Valuation Rules of Origin Import Licensing Trade-Related Investment Measures Safeguards Working party on State-Trading Enterprises Committees on Trade in Financial services Specific Commitments Working parties on Domestic Regulation GATS Rules

10 Benefits of the WTO:

10 Benefits of the WTO The system helps promote peace Disputes are handled constructively Rules make life easier for all Freer trade cuts the costs of living It provides more choices of products and qualities Trade raises incomes Trade stimulates economic growth The basic principles make life more efficient Governments are shielded from lobbying The system encourages good government

Trade and Development :

Trade and Development In November 2001, 142 Trade Ministers from around the world met at the 4th WTO Ministerial Conference in Doha, Qatar, and launched a Round of multilateral trade negotiations. The Doha Ministerial Declaration established the objective of duty-free, quota-free market access for products originating from LDCs. In Canada’s case, a preferential tariff for LDCs has been in place since 1983. The scope of products covered by this scheme, which applies to 49 of the world’s least-developed countries, was substantially expanded in January 2003. The least-developed country tariff (LDCT) provides duty-free and quota-free access for all products from LDCs, with the exception of over-quota access for supply-managed products in the dairy, poultry and eggs sectors.

Technical Assistance and Training:

Technical Assistance and Training Technical assistance and training are core elements of the development dimension of the Multilateral Trading System, as confirmed by Ministers at Doha (December 2001). This was again underlined and further strengthened at the Ministerial Conference in Hong Kong, China (December 2005). Within the WTO Secretariat, TRTA is coordinated by the Institute for Training and Technical Cooperation ( ITTC ), based on the technical assistance and training plans (the TA Plans). The Committee on Trade and Development is the regular body overseeing all TRTA activities.

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Year Name Sub. Covered Countries Achievements 1947 Geneva Tariffs 23 Signing of GATT, 45,000 tariff concessions affecting $10 billion of trade 1949 Annecy Tariffs 13 Countries exchanged some 5,000 tariff concessions 1950 Torquay Tariffs 38 Countries exchanged some 8,700 tariff concessions, cutting the 1948 tariff levels by 25%

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Year Name Sub. Covered Countries Achievements 1956 Geneva Tariffs, admission of Japan 23 $2.5 billion in tariff reductions 1960 Dillon Tariffs 26 Tariff concessions worth $4.9 billion of world trade 1964 Kennedy Tariffs, anti-dumping 66 Tariff concessions worth $40 billion of world trade

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year Name Sub. Covered countries Achievements 1973 Tokyo Tariff, non-tariff measures, "framework" 102 Tariff reductions worth more than $300 billion dollars achieved 1986 Uruguay Tariffs, non-tariff measures, rules, services, intellectual property, dispute settlement, textiles, agriculture, creation of WTO, etc 123 the creation of WTO, and extended the range of trade negotiations, leading to major reductions in tariffs & agricultural subsidies, to allow full access for textiles from developing countries, and an extension of intellectual property rights.

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Uruguay round versus Earlier rounds The spirit of opposition . The agenda was made very heavy and oppressive for the developing country. Major focus of negotiations shifted from tariff cutting to reduction in non-tariff barriers . It covered every outstanding policy issue . Developing countries were required to actively participate in negotiation, meaning that they were to give concession in order to receive additional concessions , something which they had not done before. Rush of new members in the last round had showed that multilateral trade agreement was considered an anchor for development .

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Streamlined dispute settlement mechanism and Trade Review Policy Mechanism . Proposed creation of a new institution WTO . More transparent rules for dumping investigation and rules for determining the injury to the industry. The coverage of government procurement widened. It appeared that developing countries may have made more concessions.

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Thank You! Presented By: Niraj Patel My Thought: “ I have never learnt anything in my life from any person who agreed with me.”

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