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  • Evaluation of GATT

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    Niraj Patel
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    The document evaluates GATT and its evolution into the WTO. It notes that GATT helped liberalize trade in goods, contributing to economic growth, and the Uruguay Round led to the creation of the WTO and broad economic liberalization. However, trade liberalization primarily benefited developed countries, with average tariffs on manufactured goods falling from 40% to 3% after the Uruguay Round. While NTBs have hit developing country exports hard, the increasing number of signatories to GATT and WTO demonstrates growing acceptance despite shortcomings.

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    The document evaluates GATT and its evolution into the WTO. It notes that GATT helped liberalize trade in goods, contributing to economic growth, and the Uruguay Round led to the creation of the WTO and broad economic liberalization. However, trade liberalization primarily benefited developed countries, with average tariffs on manufactured goods falling from 40% to 3% after the Uruguay Round. While NTBs have hit developing country exports hard, the increasing number of signatories to GATT and WTO demonstrates growing acceptance despite shortcomings.

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    1K views4 pages

    Evaluation of GATT

    Uploaded by

    Niraj Patel
    The document evaluates GATT and its evolution into the WTO. It notes that GATT helped liberalize trade in goods, contributing to economic growth, and the Uruguay Round led to the creation of the WTO and broad economic liberalization. However, trade liberalization primarily benefited developed countries, with average tariffs on manufactured goods falling from 40% to 3% after the Uruguay Round. While NTBs have hit developing country exports hard, the increasing number of signatories to GATT and WTO demonstrates growing acceptance despite shortcomings.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 4

    Evaluation of GATT


    The growing acceptance of GATT / WTO , despite their shortcoming,
    is evinced by the increase in the number of the signatories. When
    the GATT was singned in 1947 , only 23 nation were party to it. It
    increased to 99 by the time of the seventh round and 117 countries
    Participated in the next Uruguay Round. In july 1995.there were 128
    signatories.
     
     GATT contributed significantly to the liberalisation and growth of trade in
    goods.
     GATT and WTO have helped to create a more liberal trading system contributin
    to unprecedented growth.
     The last round –the 1986-94 Uruguay Round led to the creation of WTO and
    provided for global economic and business liberalisation of very wide scope an
    ramifications.
     Trade liberalisation was confined mostly to goods of interest to developed
    countries .
     The average level of tariffs on manufactured products in industrial countries
    was brought down from about 40 % in 1947 to nearly 3% after the Uruguay
    Round .

     Trade liberalisation has not benefitted developing countries significantly .


     The developing country export have been hit very hard by the NTBs.

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