3. 3
◆GATT- General Agreement on Tariffs and
Trade
◆The GATT was signed at Geneva on 30th October,1947
◆By 23 nations who negotiated to prevent protectionism
and to revive their economies from the recession.
◆It came into force on 1st januarJanuary 1948.
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5. 5
First
Round:
Held in 1947 at Geneva ,it saw the
birth of GATT.About 45,000 tariff
concessions were conceded in this
round and they covered nearly 50
per cent of the then global trade .23
countries participated in this round.
6.
7. 7
Second Round:
Held in 1949 at France , some
5,000 tariff concessions were
exchanged.Only thirteen
countries participated in this
round.
8.
9. 9
Third
Round:
Held in 1950 -1951 at Torquay in
which 8700 tariff concessions yielding
tariff reduction of about 25 per cent on
1949 level were exchanged. Thirty
eight countries participated in this
round.
10.
11. 11
Fourth Round:
Held in 1955 - 1956 at Geneva
leading to about $2.5 billion worth
of tariff reduction. Twenty six
countries participated in this
round.
12.
13. Fifth Round:
Held in 1961 - 1962 at Dillion for
tariff negotiations with EEC
members and others. Twenty six
countries participated in this round.
14.
15. 15
Sixth
Round:
Held during 1963 - 1967 at
Kennedy.This ministerial level
meeting opened a Trade
Negotiations Committee. Sixty two
countries participated in this round.
16.
17. 17
Seventh
Round:
Held during 1973 - 1979 at Toyko in
which 34 percent tariff reduction was
obtained on industrial goods. Non
tariffs barriers were also discussed.
one hundred and two countries
participated in this round.
18.
19. 19
Eighth
Round:
●Held during 1986 - 1994 at Uruguay in which wide
ranging issues were taken up.
●Results included average cuts of 40% on industrial
products a comprehensive programme of agricultural
reforms liberalisation commitments on tariffs, domestic
support and export subsidies replacement of all
quantitative restrictions and other non tariff meadsures
by tariffs etc.
20. 20
●Initially there werre 117 participating countries and
later on the number went up to 128.
●The Uruguay Round contained negotiations in 15 areas
(14 for goods and 1 for services).