The General Agreement on Tariffs and Trade
Managed trade
Got a system based on:
Free trade
Became the international institution regulating:
Non-discriminatory, reciprocity, transparency, multilateralism and safeguards
5 words to describe GATT:
All members
Any concession extended to one member must be extended to:
Visible
Any protectionism is:
Specific countries
Cannot take action against:
23
How many countries came together to develop GATT?
Serve as a forum for trade negotiations
Most important function:
Safeguards
Permits members to temporarily raise tariffs to limit imports that would be detrimental to domestic industry
Transparent
Tariffs are more what than non-tariff barriers?
1947-1994
When did GATT begin and end?
Similar reductions
When one country lowers its tariffs to another country it will in turn receive:
