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History of GATT and WTO its difference and advantages to US GATT After World War II representatives of the US and its Allied Forces attempted to work out the arrangements for the post war era General Agreements on Tariffs and Trade GATT was formed by an International conference held at Geneva in 1947 The US initiated negotiations with 22 other countries that led to commitments to regulate different tariff rates GATT was formed as an agreement among member nations to decrease trade barriers and to place all nations within the trading relation GATT began its provisional existence on January 1 1948 when 23 contracting parties signed the agreement GATT made required all member countries to treat equally and nondiscriminatory to all other contracting parties with respect to tariffs GATT in general prohibits the use of quantitative restrictions on imports and exports with exception in agriculture national security developing countries etc GATT gives high priority to reduction and elimination of tariffs on products of developing countries GATT also played a role in the settlement of trade disputes GATT also organize different series of negotiations or rounds to reduce tariffs and nontariff trade barriers like Kennedy Round Tokyo round Uruguay round etc WTO The World Trade Organization WTO is the global international organization dealing with the rules of trade between nations GATT was transformed into WTO after the Uruguay round on January 1 1995 WTO works through agreements and negotiations between the worlds trading nations The WTOs main objective is to help trade flow smoothly freely fairly and predictably It is trying to reach its objective by administering trade agreements by settling trade disputes by reviewing national trade policies and by assisting developing countries in trade policy issues through technical assistance and training programmes Difference between WTO and GATT Even though GATT was transformed into the WTO WTO has a very different character than GATT Among some differences are the following The GATT was a
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