Role of GATT in the Dunkel Draft 6. The GATT allowed the use of some measure of tariff protection to the LDC’s in view of their special needs of industrial development and also for obtaining revenues. The complaints had been concerning the discriminatory incidence of internal taxes, anti-dumping duties and special restrictions on imports. In this connection, it was specified that the import quota fixation should be limited to the extent necessary to check a serious fall in the foreign exchange reserves. Copyright © 2018-2021 BrainKart.com; All Rights Reserved. Developing countries may resort to quota fixation but only under procedure accepted by the GATT. If those restrictions caused harm to the interests of another country, the latter could ask for consultation with the country imposing restrictions under the GATT. ADVERTISEMENTS: For the achievement of the principles and objectives of the GATT, the following provisions had been made: 1. Article XXV of the GATT provides the procedure for granting waiver to some contracting party from the application of the provisions of the GATT. The Tokyo Round of the GATT in 1970’s considered it necessary to specify the code of conduct related to subsidies. These countries producing mainly primary products had a weak bargaining power relative to the developed countries in bilateral negotiations. ADVERTISEMENTS: In this article we will discuss about:- 1. GATT and Its Objectives 3. However, the country resorting to counter-veiling or anti-dumping duties should not impose duties at a higher rate than was required to offset the margin of dumping and the affected industry in the importing country should not acquire thereby a net additional protection. The General Agreement on Tariffs and Trade (GATT) was a multilateral trade treaty between countries to regulate international trade and tariffs in accordance with specific rules, norms or code of conduct. The ‘Most Favoured Nation’ Clause 2. Some instances of the grant of waivers included the waivers to the European Coal and Steel Company (ECSC) at the eleventh session of the GATT in 1952 about the trade in products under ECSC treaty, to Britain in respect of Commonwealth Trade Preferences and, to the United States in respect of her Agricultural Adjustment Act. Settlement of Disputes. Initially the contracting parties were involved into bilateral negotiations for resolving the matter. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. The General Agreement on Tariffs and Trade (GATT) was a multilateral trade treaty between countries to regulate international trade and tariffs in accordance with specific rules, norms or code of conduct. In case any country was found to take recourse to dumping, i.e., the export price of a product was lower than its domestic price, the affected country was allowed to impose the counter-veiling or anti­dumping duties to the extent that the dumping got neutralised. GATT was set up in 1948 in Geneva to follow the objectives of free trade in order to encourage growth and development of all member countries. In this regard it had been noted with satisfaction that the number of complaints had fallen during the recent years. The GATT’s main objective was the reduction of barriers to international trade. GATT had generally proved successful in resolving disputes among the contracting parties. The industrial countries agreed to a complete ban on export subsidies in the case of manufactured products. In case the subsidies resulted in harm to the interests of importing countries, the agreement authorized them to take resort to counter-veiling duties. (BS) Developed by Therithal info, Chennai. Development and full utilization of world resources; and. In case they provided subsidies on such products, that should be done in such a manner that the country employing them did not acquire a more than equitable share in the world export of the concerned products. Ordinarily the waivers were not granted unless those were approved by two-thirds of the voting contracting parties. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. (iii) In the case of agriculture and fisheries, quota restriction could be applied provided the domestic production were subject to equally restrictive controls. The GATT had emphasized upon the need of continuous consultation among the contracting parties on the nature of the BOP problems, alternative corrective measures and the possible effects of quantitative restrictions upon the economies of other contracting parties. Third, that negotiations procedure was not equitable for those countries which already had a low-tariff structure. Defects. This was achieved through the reduction of tariff barriers, quantitative restrictions and subsidies on trade through a series of agreements. GATT became a permanent international trade institution for the multilateral expansion of trade until it was replaced by World Trade Organisation (W.T.O) in 1995. The LDC’s were, however, exempted from this stipulation. Second, that negotiations technique created uncertainty and instability in the tariff structures of many a country. Article XXV of the GATT laid down the procedure for granting waiver to some contracting parties from the application of the provisions of the GATT. Complaints and Waivers 6. Complaints and Waivers 6. The tariff reductions agreed between any two negotiating parties were to be made applicable to all the contracting parties under the ‘Most Favoured Nation’ clause. This panel or committee, after a careful study, used to make a recommendation or ruling to be observed by the offending party. Share Your PDF File The basic principle of GATT is that member countries should consult one another on trade matters and problems. As a consequence, the terms of trade turned unfavourable for them.

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