Which Of The Following Statements About The Original General Agreement On Tariffs And Trade Is True

The sixth round of GATT multilateral trade negotiations, which took place from 1964 to 1967. It was named after U.S. President John F. Kennedy in recognition of his support for the reformulation of the U.S. trade agenda, which culminated in the Trade Expansion Act in 1962. This legislation has given the president the greatest bargaining power of all time. In the end, tariffs fell by 35%, with the exception of textiles, chemicals, steel and other sensitive products; In addition to a 15% to 18% reduction in tariffs on agricultural and food products. In addition, the chemical negotiations resulted in an interim agreement on the abolition of the US selling price (ASP). This was a method of assessing certain chemicals used by these countries for the institution of import duties, which gave domestic producers a much higher level of protection than indicated under tariff conditions. When the Dillon cycle went through the laborious process of collective bargaining by post, it became clear, well before the end of the cycle, that a more comprehensive approach was needed to address the emerging challenges arising from the creation of the European Economic Community (EEC) and EFTA, as well as to make Europe a major international distributor in general.

While THE GATT was a set of rules agreed upon by nations, the WTO is an intergovernmental organization with its own headquarters and staff, whose scope covers both traded goods and trade in the service sector and intellectual property rights. Although used for multilateral agreements, multilateral agreements have led to selective exchanges and fragmentation among members in several rounds of negotiations (particularly the Tokyo Round). WTO agreements are generally a multilateral mechanism for the settlement of GATT agreements. [24] The General Agreement on Tariffs and Trade (GATT), signed on 30 October 1947 by 23 countries, was a legal agreement to minimize barriers to international trade by removing or reducing quotas, tariffs and subsidies while maintaining important rules. The GATT is expected to stimulate economic recovery after the Second World War through the reconstruction and liberalization of world trade. Following the UK`s vote to leave the European Union, proponents of leaving the European Union proposed that Article 24, paragraph 5B of the treaty could be used to maintain a „stalemate“ in trade conditions between the UK and the EU if the UK left the EU without a trade deal, thereby preventing the imposition of tariffs. Proponents of this approach believe that it could be used to implement an interim agreement until a final agreement of up to ten years is negotiated. [25] The GATT was created to establish rules to end or limit the most costly and undesirable features of the pre-war protectionist era, namely quantitative barriers to trade, such as trade controls and quotas.