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Gatt And Wto Case Study

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1. Introduction
Since its establishment in 1947, the GATT has developed into a comprehensive stature of international trade laws as it is known today under the WTO. The WTO was created being for the aims of supporting governments in the world to better overcome problems of international economic interdependence. This event happened fifty years after the creation of the Bretton Woods system with the World Bank and International Monetary Fund regulation. Apart from that, it is remarkable that the WTO was one the most important results of the Uruguay Round negotiations on trade. The WTO is now evidently rather successful and it has 122 members. According to WTO estimates during the multilateral trade negotiations conducted by the GATT and WTO …show more content…

Uninterrupted reduction in tariffs helped international trade to grow and prosper during post-war era and then. Countries took the advantage of trading with each other and making profit. But everything didn’t go as considered, new problems appeared. The Tokyo round was an attempt to solve these problems, but its opportunities were limited. It was a token of difficult times to come. Reduction in tariffs combined with economic crisis in the 1970s and 1980s and it led governments to find other protection methods for sectors facing raised foreign competition. Apart from that, high unemployment rates and continuous factory closures resulted in looking for bilateral market sharing arrangements with competitors in Western Europe and North America. In the end, these two reasons undermined GATT´s reliability and efficiency. The reason was not only deterioration in the trade policy environment. By the 1980s the GATT was no longer effective and efficient as it had been in 1940s. Apart from that, the international trade system had become much more complicated and significant in comparison to before. The GATT rules couldn’t cover many areas of expanded services trade. Such expansion of services trade was linked to increases in world goods trade. In such situation, the GATT got little success. Because of these parameters, GATT members made such decision that, they should make an effort to get strong and steady multilateral system. In the end, this effort lead to the Uruguay round and the creation of the

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