such products shall also be exempt from all other duties or charges of any kind imposed on or in connection with the importation in excess of those imposed on the date of this agreement or those directly and mandatorily required to be imposed thereafter by legislation in force in the importing territory on that date. (b) similar provisions shall apply to any contracting party not a member of the fund, as from the date on which such contracting party becomes a member of the fund or enters into a special exchange agreement in pursuance of article xv. 4. all charges and regulations imposed by contracting parties on traffic in transit to or from the territories of other contracting parties shall be reasonable, having regard to the conditions of the traffic. * 4. no product of the territory of any contracting party imported into the territory of any other contracting party shall be subject to anti-dumping or countervailing duty by reason of the exemption of such product from duties or taxes borne by the like product when destined for consumption in the country of origin or exportation, or by reason of the refund of such duties or taxes. any contracting party may apply such rules in respect of such foreign currencies for the purposes of paragraph 2 of this article as an alternative to the use of par values.
any contracting party applying restrictions on the importation of any product pursuant to subparagraph (c) of this paragraph shall give public notice of the total quantity or value of the product permitted to be imported during a specified future period and of any change in such quantity or value. accordingly, a contracting party otherwise complying with the provisions of this article shall not be required to withdraw or modify restrictions on the ground that a change in those policies would render unnecessary restrictions which it is applying under this article. if such contracting party does not comply with these recommendations within the specified period, the contracting parties may release any contracting party the trade of which is adversely affected by the restrictions from such obligations under this agreement towards the contracting party applying the restrictions as they determine to be appropriate in the circumstances. 4. a contracting party applying import restrictions under article xii or under section b of article xviii shall not be precluded by articles xi to xv or section b of article xviii of this agreement from applying measures to direct its exports in such a manner as to increase its earnings of currencies which it can use without deviation from the provisions of article xiii. (a) a special exchange agreement between a contracting party and the contracting parties under paragraph 6 of this article shall provide to the satisfaction of the contracting parties that the objectives of this agreement will not be frustrated as a result of action in exchange matters by the contracting party in question. (a) contracting parties shall notify the contracting parties of the products which are imported into or exported from their territories by enterprises of the kind described in paragraph 1 (a) of this article.
general agreement on tariffs and trade (gatt), set of multilateral trade agreements aimed at the abolition of quotas and the reduction of tariff duties among the contracting nations. it subsequently proved to be the most effective instrument of world trade liberalization, playing a major role in the massive expansion of world trade in the second half of the 20th century. by the time gatt was replaced by the world trade organization (wto) in 1995, 125 nations were signatories to its agreements, which had become a code of conduct governing 90 percent of world trade. as embodied in unconditional most-favoured nation clauses, this meant that once a country and its largest trading partners had agreed to reduce a tariff, that tariff cut was automatically extended to every other gatt member.
other general rules included uniform customs regulations and the obligation of each contracting nation to negotiate for tariff cuts upon the request of another. an escape clause allowed contracting countries to alter agreements if their domestic producers suffered excessive losses as a result of trade concessions. seven such “rounds” were held from 1947 to 1993, starting with those held at geneva in 1947 (concurrent with the signing of the general agreement); at annecy, france, in 1949; at torquay, eng., in 1951; and at geneva in 1956 and again in 1960–62. the worldwide trade treaty adopted at the round’s end slashed tariffs on industrial goods by an average of 40 percent, reduced agricultural subsidies, and included groundbreaking new agreements on trade in services. gatt went out of existence with the formal conclusion of the uruguay round on april 15, 1994. its principles and the many trade agreements reached under its auspices were adopted by the wto.
the general agreement on tariffs and trade is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. the general agreement on tariffs and trade (gatt 1947) 1. (a) each contracting party shall accord to the commerce of the other contracting parties treatment no general agreement on tariffs and trade (gatt), set of multilateral trade agreements aimed at the abolition of quotas and the reduction of tariff duties the general agreement on tariffs and trade (gatt), which was signed in 1947, is a multilateral agreement regulating trade among 153 countries., general agreement on tariffs and trade pdf, wto, wto, general agreement on tariffs and trade 1994, why gatt was replaced by wto.
the general agreement on tariffs and trade (gatt), signed on , by 23 countries, was a legal agreement minimizing barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies while preserving significant regulations. the uruguay round began in 1986. it was the most ambitious round to date, as of 1986, hoping to expand the competence of the gatt to important new areas such as services, capital, intellectual property, textiles, and agriculture. 123 countries took part in the round. the general agreement on tariffs and trade (gatt) is a legal agreement first signed by 23 countries on in geneva, switzerland. gatt was an agreement with economic objectives; the key negotiators were primarily economists and their ultimate agreement reflected the assumptions of the time the general agreement on tariffs and trade (gatt) was the first multilateral free trade agreement. it first took effect in 1948 as an agreement among 23, gatt members, gatt and wto, gatt 1947, gatt stands for, gatt 1994 summary, objectives of gatt, gatt wikipedia, gatt ppt, gatt headquarters, gats.
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