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The GATT was the only multilateral instrument governing international trade from 1946 until the WTO was established on 1 January 1995. [9] Despite attempts in the mid-1950s and 1960s to create some form of institutional mechanism for international trade, the GATT continued to operate for almost half a century as a semi-institutionalized multilateral treaty regime on a provisional basis. [10]
One of the most significant changes was the creation of the World Trade Organization (WTO). The 76 existing GATT members and the European Communities became the founding members of the WTO on 1 January 1995. The other 51 GATT members rejoined the WTO in the following two years (the last being Congo in 1997). Since the founding of the WTO, 33 ...
The Kennedy Round officially opened on May 4, 1964, at the Palais des Nations.It was the last GATT round to have tariff reduction as its primary focus. [8] However, it was the first GATT round to deal with non-tariff issues, such as dumping, a practice whereby a company exports a product at a price lower than the price it charges in its home market. [9]
The Dillon Round was a multi-year multilateral trade negotiation (MTN) between 26 nation-states that were parties to the GATT.The fifth round in the GATT occurred in Geneva and lasted from May 1959 through July 1962.
The International Trade Organization (ITO) was the proposed name for an international institution for the regulation of trade.. Led by the United States in collaboration with allies, the effort to form the organization from 1945 to 1948, with the successful passing of the Havana Charter, eventually failed due to lack of approval by the US Congress.
The economists Harry Dexter White (left) and John Maynard Keynes (right) at the Bretton Woods Conference in New Hampshire [27]. The WTO precursor, General Agreement on Tariffs and Trade (GATT), was established by a multilateral treaty of 23 countries in 1947 after the end of World War II, in the wake of other new multilateral institutions dedicated to international economic cooperation—such ...
1986-1994 - GATT trade ministers launch the Uruguay Round in Punta Del Este, Uruguay, embarking on the most ambitious and far-reaching trade round so far. 1986-1994 - GATT negotiations culminate in the Marrakech Agreement that establishes the World Trade Organization (WTO). January 1, 1995 - The WTO comes into existence.
In 1995 the World Trade Organization (WTO) replaced the GATT as the administrative body. A current round of multilateral trade negotiations was conducted in the Doha Development Agenda round. Prior to the ongoing Doha Development Round, eight GATT sessions took place: 1st Round: Geneva Round, 1947; 2nd Round: Annecy Round, 1949