UGC NET Exam > UGC NET Videos > Crash Course for UGC NET Commerce > History of GATT; History of WTO; How WTO was Formed; Uruguay Round; GATT Replaced WTO
History of GATT; History of WTO; How WTO was Formed; Uruguay Round; GATT Replaced WTO Video Lecture | Crash Course for UGC NET Commerce
FAQs on History of GATT; History of WTO; How WTO was Formed; Uruguay Round; GATT Replaced WTO Video Lecture - Crash Course for UGC NET Commerce
| 1. What is the General Agreement on Tariffs and Trade (GATT) and its significance in international trade? |  |
Ans.GATT was established in 1947 as a multilateral agreement aimed at promoting international trade by reducing trade barriers such as tariffs and import quotas. It played a crucial role in fostering economic cooperation and growth among countries after World War II, laying the groundwork for a more interconnected global economy.
| 2. What is the World Trade Organization (WTO) and how does it differ from GATT? | |
Ans.The WTO, formed in 1995, is an international organization that replaced GATT. While GATT focused mainly on trade in goods, the WTO encompasses a broader range of trade issues, including services and intellectual property. The WTO also provides a more robust framework for enforcing trade agreements and resolving disputes among member countries.
| 3. How was the WTO formed and what led to its establishment? | |
Ans.The WTO was formed during the Uruguay Round of trade negotiations, which took place from 1986 to 1994. The negotiations aimed to address various trade issues that were not adequately covered by GATT. The culmination of these talks led to the signing of the Marrakesh Agreement in April 1994, officially establishing the WTO on January 1, 1995.
| 4. What were the key outcomes of the Uruguay Round that influenced the formation of the WTO? | |
Ans.The Uruguay Round resulted in significant agreements on goods, services, and intellectual property rights. It introduced new areas of trade regulation, such as trade in services and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). These developments expanded the scope of international trade law and provided a more comprehensive framework for the WTO.
| 5. Why did GATT eventually get replaced by the WTO, and what were the limitations of GATT? | |
Ans.GATT was replaced by the WTO because it had limitations, such as a lack of enforcement mechanisms and the inability to address issues beyond trade in goods. The WTO was created to overcome these challenges by providing a more effective institutional framework, enabling better dispute resolution, and incorporating a wider range of trade topics, thus enhancing global trade regulation.
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