GATT rounds of negotiations
The General Agreement on Tariffs and Trade (GATT) was established in 1947 as a multilateral agreement to regulate international trade and reduce trade barriers. Over the years, several rounds of negotiations took place under the auspices of GATT, which resulted in the reduction of trade barriers and the promotion of free trade. In 1995, GATT was replaced by the World Trade Organization (WTO), which is responsible for administering and enforcing the rules of international trade.
Here are the major rounds of negotiations under GATT:
Geneva Round (1947): The first round of negotiations resulted in the creation of GATT and the establishment of the most-favored-nation (MFN) principle, which required member countries to treat each other equally in terms of trade.
Annecy Round (1949): This round focused on reducing tariffs on manufactured goods and resulted in the negotiation of the General Agreement on Trade in Services (GATS).
Torquay Round (1950-1951): This round led to significant reductions in tariffs, particularly on textiles and agricultural products.
Geneva Round (1955-1956): This round addressed non-tariff barriers to trade, such as import quotas and licensing requirements.
Dillon Round (1960-1962): This round focused on further reducing tariffs and expanding GATT’s coverage to include agricultural products.
Kennedy Round (1964-1967): This round resulted in significant reductions in tariffs on industrial products, as well as the negotiation of the Anti-Dumping Agreement, which aims to prevent countries from selling products at unfairly low prices to gain a competitive advantage.
Tokyo Round (1973-1979): This round addressed non-tariff barriers to trade, particularly in the areas of government procurement and intellectual property.
Uruguay Round (1986-1994): This was the largest and most comprehensive round of negotiations under GATT and resulted in the creation of the World Trade Organization. The Uruguay Round addressed a wide range of issues, including tariffs, non-tariff barriers, services, intellectual property, and agriculture. These rounds of negotiations under GATT and later WTO have helped to create a more open and predictable trading system, which has contributed to global economic growth and development.
