2 treaty that promotes trade What is it?Multilateral treaty that aims to promote trade among its members in manufactured and agricultural goods.treaty that promotes trade
3 Roles Regulated Trade Reduce Barriers It was a organization that regulated trade among countries to help economic recovery after the Second World WarMain purpose was the reduction of barriers to international trade.For example: the countries that subscribe to the GATT meet periodically to discuss possible tariff reductions and other trade obstacles.Some of these obstacles include; quantitative restrictions and subsidiesAlso, if a country offers a special advantage to one country, like trading some sort of product, it has to trade that with all of the other countries. GATT helps to make sure of this.Reduce Barriers
4 Gross Domestic Product Financial BaseGross Domestic ProductCountries involved with the United Nations give a certain percentage of their GDP to support different organizations within the UN.Therefore, money gained by the United Nations is partially used as funding for the General Agreement on Tariffs and Trade.
6 Just a collage of the original 23 countries who were the first members of GATT
7 RoundsThe GATT consisted of eight rounds or discussion periods in which the members went over the certain topics about international tradeThe 8 rounds were;Geneva, Annecy, Torquay, Geneva II, Dillon, Kennedy, Tokyo, and UruguayThe GATT consisted of eight rounds or discussion periods in which the members went over the certain topics about international tradeThe 8 rounds were;Geneva, Annecy, Torquay, Geneva II, Dillon, Kennedy, Tokyo, and Uruguay
8 Geneva Original signing of GATT Started April 1947 and lasted 7 months Involved 23 countriesTopic covered was tariffs45 tariff concessions affecting $10 billion of trade
9 Annecy Started April 1949 and lasted for 7 months Involved 13 countriesTopic covered was tariffsExchanged some 5000 tariff concessions
10 Torquay Began in September 1950 and lasted for 8 months Involved 38 countriesTopic covered was tariffsCountries exchanged some 8700 tariff concessions, cutting the 1948 tariff levels by 25%
11 Geneva II Started in January 1956 and lasted 5 months Involved 26 countriesTopics covered were tariffs and the admission of Japan$2.5 billion in tariff reductions
12 Dillon Began in September 1960 and lasted 11 months 26 countries involvedTopic covered was tariffsTariff concessions worth $4.9 billion of world trade
13 Kennedy Started in May 1964 and lasted 37 months 62 countries involved Topics covered were tariffs and anti-dumpingTariff concessions worth $40 billion of world trade
14 Tokyo Started September 1973 and lasted 74 months Involved 102 countriesTopics discussed were tariffs, non-tariff measures, “framework” agreements
16 Uruguay Started in September 1986 and lasted 87 months Involved 123 countriesA lot of topics discussedThese included; tariffs, dispute settlement, textiles, agriculture, and the creation of the WTO.The round led to the creation of WTO, and extended the range of trade negotiations, leading to major reductions in tariffs (about 40%) and agricultural subsidies, an agreement to allow full access for textiles and clothing from developing countries, and an extension of intellectual property rights.
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