5. The General Agreement on Tariffs and Trade remained in existence for a period of 46 years it came into force on 1 Jan 1948, as a result of Bretton Woods Conference 1944. GATT started as a agreement for trade concessions among 23 nations, including India. Its membership increased to 117 countries as on 31st Dec 1994 - the day it ceased to exist. GATT was a multilateral treaty which provided a forum to discuss trade problems faced by member countries known as contacting parties. GATT
6. Ever since the beginning of 1980, the economy has been passing through a new phase of transition. The essential feature of this transition has been the opening up of their economies by developed and developing countries. Over the past 50 years ever since formation of GATT in 1948, trade has been powerful engine for growth. The policy of trade liberalization was underlined by multi-lateral trading system governed by GATT till 31st Dec 1994 and now by WTO since 1st Jan 1995.
7. . S.No Round Place Year Features 1. First Geneva (Switzerland) 1947 Tariff cuts for 45000 products worth $10 billion of trade on an annual basis . 2. Second Annecy (France) 1949 Custom duty were reduced for another 5000 items of goods. 3. Third Torquay (Britain) 1950-51 Adopted 8700 tariff reduction. 4. Fourth Geneva (Switzerland) 1955-56 To further cut duties for goods worth $2.5 billion. 5. Fifth Geneva (Switzerland) 1960-62 It was known as Dillon Round. Custom duties charged for 4000 items worth $5 billion. 6. Sixth Geneva (Switzerland) 1964-67 It was known as Kennedy Round. Cut tariffs for industrial goods upto 50 . 7. Seventh Tokyo (Japan) 1973-79 Ended at Geneva. Participants cut custom duties by 20-30 for goods traded. 8. Eight Uruguay 1986-93 This was known as Uruguay Round. Lead to the formation of WTO.
8. The World Trade Organization (WTO) Multilateral negotiations under GATT 9.0 8.5 8.0 7.5 7.0 6.5 6.0 5.5 5.0 4.5 4.0 World Trade World Income 1953 -63 1963 -73 Annual Growth Under GATT %
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11. Voting Principles in WTO Voting Principle One member, one vote Primary aim Consensus No consensus Majority vote Interpretation of agreements ¾ in favor Amendment to agreements 2/3 in favor Propose amendments Countries and Councils
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