HAMDARD INSTITUTE OF LEGAL STUDIES AND RESEARCH,

SCHOOL OF LAW, JAMIA HAMDARD NEW DELHI

INTERNATIONAL TRADE LAW ASSIGNMENT

SUBMITTED TO – TUSHAR BEHL SIR

SUBMITTED BY – NOORJAHAN

ENROLLMENT NO.- 2019-342-071

ACKNOWLEDGEMENT

I would like to express my special thanks of gratitude to my teacher Tushar Behl Sir who gave
me the golden opportunity to do this wonderful project of International Trade Law on “GATTS
and WTO”. I came to know about so many new things I am really thankful to them.
  What Is the GATT ?

The Overall Settlement on Taxes and Exchange (GATT), endorsed in 1947 by 23 nations, is a
deal limiting boundaries to worldwide exchange by disposing of or lessening shares, levies, and
endowments. Supporting financial recuperation after The Second Great War was planned.

GATT was extended and refined throughout the long term, prompting the creation in 1995 of the
World Trade Organization (WTO), which consumed the association made to execute GATT. By
then, 125 countries were signatories to its arrangements, which covered around 90% of
worldwide exchange.

The Board for Exchange Products (Merchandise Chamber) is presently answerable for the GATT
and comprises of delegates from all WTO part nations. As of September 2022, the seat of the
Merchandise Board is Etienne Outdo de Danville. The board has 10 councils that address
subjects including market access, farming, sponsorships, and hostile to unloading measures.

 Grasping the Overall Settlement on Duties and Exchange (GATT)

The GATT was made to shape rules to end or limit the most exorbitant and unwanted elements
of the prewar protectionist time frame, to be specific quantitative exchange boundaries, for
example, exchange controls and standards. The understanding likewise given a framework to
parley business debates among countries, and the structure empowered various multilateral
dealings for the decrease of tax obstructions. The GATT was viewed as a critical progress in the
post bellum years.

 What is the WTO?

The World Exchange Association (WTO) is the main worldwide global association managing the
standards of exchange between countries. At its heart are the WTO arrangements, arranged and
endorsed by the greater part of the world's exchanging countries and approved in their
parliaments. The objective is to help makers of labor and products, exporters, and shippers lead
their business.

International trade plays a crucial role in today's interconnected world, facilitating economic
growth and fostering global cooperation. The General Agreement on Tariffs and Trade (GATT)
and the World Trade Organization (WTO) are two prominent entities that have shaped and
regulated international trade. While both GATT and WTO share common objectives, there are
important distinctions between them. In this article, we will explore the differences between
GATT and WTO, shedding light on their roles, functions, and impacts on global trade.

Point GATT WTO

s
1 An agreement established in 1947 to An international organization created in 1995 to regulate
promote international trade and liberalize global trade
2 A set of rules governing international trade An institution with legal authority to enforce trade
among member countries agreements and resolve disputes
3 Focused primarily on reducing tariffs on Expands the scope to include services, intellectual property,
goods and agricultural products
4 Operated on a provisional basis without a Has a permanent secretariat to oversee daily operations and
permanent secretariat facilitate negotiations
5 Relied on consensus-based decision- Adopts decisions through majority voting among member
making among member countries countries
6 Applied to a limited number of countries Encompasses a broader membership, including most
initially countries in the world
7 Evolved through multiple rounds of Provides a platform for ongoing negotiations, including the
negotiations, each addressing specific trade Doha Development Agenda
issues
8 Had a narrow focus on trade in goods and Expands its scope to address non-tariff barriers, trade
tariffs facilitation, and trade-related aspects of intellectual property
rights
9 Did not have a formal dispute settlement Establishes a robust dispute settlement system to address
mechanism trade disputes
10 Served as a precursor to the establishment Represents a significant upgrade and institutionalization of
of the WTO the GATT framework
COCLUSION

While significant headway has been made in creating scientific devices to illuminate strategy
decisions in administrations, directing development enhancing changes in the area and
supporting administrations trades stay complex undertakings that keep on demonstrating trying
for some more unfortunate nations. Significantly more should be possible through expanded
worldwide participation to assist creating economies with making use advantage of the
underlying changes at play in the worldwide economy and to open the advantages that extended
exchange administrations can bring.