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General Agreement on Tariffs and Trade |
Also found in: Financial, Encyclopedia, Wikipedia, Hutchinson | 0.02 sec. |
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The General Agreement on Tariffs and Trade (GATT) originated with a meeting of 22 nations meeting in 1947 in Geneva, Switzerland. By 2000, there were 142 member nations, with another 30 countries seeking admission. The detailed commitments by each country to limit tariffs on particular items by the amount negotiated and specified in its tariff schedule is the central core of the GATT system of international obligation. The obligations relating to the tariff schedules are contained in Article II of GATT. For each commodity listed on the schedule of a country, that country agrees to charge a tariff that will not exceed an amount specified in the schedule. It can, if it wishes, charge a lower tariff. The World Trade Organization (WTO) heavily influences the workings of the GATT treaties through the efforts of various committees. Representatives of member countries of the WTO comprise the Council for the Trade in Goods (Goods Council), which oversees the work of 11 committees responsible for overseeing the various sectors of GATT. The committees focus on such issues as agriculture, sanitary measures, subsidies, customs valuation, and rules of origin. Further readingsBagwell, Kyle. 2002. The Economics of the World Trading System. Cambridge, Mass.: MIT Press. Cross-referencesHow to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The landscape of the trading system has changed immeasurably since the Tokyo Round of the late 1970s, much less the tariff reduction rounds during the first few years of the GATT. The fact, though, is that global trade rounds are few and far between; since the Kennedy Round ended in 1967, only two other agreements (the Tokyo Round and the Uruguay Round) have been concluded over the subsequent three-and-a-half decades. Their empirical relevance has been demonstrated by Caves (1976), among others, using tariff data from the Kennedy round, by Ray (1981) and Baldwin (1985) using tariff data during the Tokyo round of cuts, and by Trefler (1993) using aggregate U. |
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