Commerce Exam > Commerce Videos > Business Studies (BST) Class 11 > Global Organisations - The GATT (General Agreement on Tariff & Trade)
Global Organisations - The GATT (General Agreement on Tariff & Trade) Video Lecture | Business Studies (BST) Class 11 - Commerce
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FAQs on Global Organisations - The GATT (General Agreement on Tariff & Trade) Video Lecture - Business Studies (BST) Class 11 - Commerce
| 1. What is the GATT and what is its purpose? |  |
The GATT, or General Agreement on Tariffs and Trade, is a global organization that aims to promote international trade by reducing barriers such as tariffs and quotas. It was established in 1947 and served as the foundation for the World Trade Organization (WTO). The GATT's purpose is to facilitate negotiations and provide a framework for trade agreements among member countries.
| 2. How does the GATT work to reduce tariffs? | |
The GATT works to reduce tariffs through a process of negotiation and mutual agreement among member countries. It provides a forum for countries to discuss and negotiate tariff reductions, aiming to achieve a more open and fair global trading system. The GATT also establishes rules and principles that guide these negotiations and ensure transparency and non-discrimination in trade.
| 3. What are the benefits of the GATT for member countries? | |
The GATT offers several benefits for member countries. Firstly, it promotes economic growth by facilitating international trade, which leads to increased export opportunities and market access. Secondly, it helps prevent trade disputes by providing a framework for resolving conflicts and disputes through negotiations rather than resorting to trade wars. Lastly, the GATT promotes stability and predictability in global trade by establishing rules and principles that govern trade relations among member countries.
| 4. How does the GATT address non-tariff barriers to trade? | |
The GATT addresses non-tariff barriers to trade by establishing rules and principles that aim to eliminate or reduce these barriers. Non-tariff barriers include measures such as import quotas, technical regulations, and subsidies. The GATT encourages member countries to gradually remove these barriers and adopts measures to ensure transparency and non-discrimination in their application. Additionally, the GATT provides a mechanism for resolving disputes related to non-tariff barriers through its dispute settlement process.
| 5. Is the GATT still in effect today? | |
No, the GATT is no longer in effect today. It was replaced by the World Trade Organization (WTO) in 1995. The GATT served as the basis for the establishment of the WTO, which expanded its scope to include not only trade in goods but also services and intellectual property rights. However, the principles and rules established by the GATT continue to guide the WTO's work in promoting international trade.
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Dec 31, 2024 Last updated |
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