History of GATT and WTO, its difference and advantages to US.
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 …
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…time limits for each stage of the process which makes the trade flow freely for example: Canadian wheat dispute. WTO is also beneficial to improve the quality of environment in United States because free trade stimulates economic growth, and trade liberalization and growth encourage the society to demand for cleaner environment. And also WTO agreements do not prevent the United States to set its own environmental and health standards at the level it considers appropriate.
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