General Agreement on Tariffs and Trade 1994 Text
2022-06-01
The General Agreement on Tariffs and Trade (GATT) is a global treaty that sets rules for international trade. It was first signed in 1947 and has since gone through several revisions. However, the most significant update to the agreement came in 1994, when the member countries agreed on a new text that established the World Trade Organization (WTO).
The GATT 1994 text replaced the previous versions of GATT, adding new provisions and clarifying existing ones. The agreement aimed to reduce barriers to international trade by encouraging member countries to lower tariffs and other restrictions on imports and exports. It also established rules for the settlement of disputes between member nations.
One of the most important provisions of the GATT 1994 text is the principle of non-discrimination, which requires member countries to treat all other members equally in matters of trade. The most-favored-nation (MFN) principle, also found in the text, obligates member countries to extend the same tariff reductions to all other members equally, without discrimination.
The agreement also established a set of rules for trade in services, addressing issues such as intellectual property rights, investment, and financial services. The GATT 1994 text also recognized the importance of protecting the environment and public health in the context of international trade.
The establishment of the WTO through the GATT 1994 text was a significant development in international trade law. The WTO provides a forum for member countries to negotiate agreements and address trade disputes. It also provides technical assistance and training to developing countries, helping them build their trade capacity.
In conclusion, the GATT 1994 text is a crucial agreement that sets rules for international trade and established the World Trade Organization. Its provisions, including non-discrimination, MFN, and rules for trade in services, have helped shape the global economy and promote international trade. As the world continues to evolve in the face of new challenges and opportunities, the GATT 1994 text remains a vital framework for facilitating international trade and promoting economic growth.