Question

When nations sign the GATT agreement, they bind their tariffs at their current level, or lower. Tariff binding means that they agree not to raise them except under unusual circumstances.

Answer 1

In 1993, the GATT was updated ("GATT 1994") to include new obligations to representatives. One of the most significant changes was the establishment of the World Trade Organization (WTO). The 76 existing members of the GATT and the European Union became the World Trade Organization on January 1, 1995. A further 51 GATT members joined the WTO over the next two years (the last of which was in Congo in 1997). Since the World Trade Organization was established, 33 new GATT members have joined and 22 are negotiating for membership. There are a total of 164 member states in the WTO, with Liberia and Afghanistan being the newest members by 2018.

Among the original members of GATT, Syria, Lebanon and SFR Yugoslavia did not join the WTO. Since FR Yugoslavia (renamed Serbia and Montenegro and later by membership negotiations later split in two), it has not been recognized as a direct successor state to the CFA. Therefore, its application is considered new (not GATT). On May 4, 2010, the World Trade Organization General Council agreed to form a working group to consider Syria's application for WTO membership. The parties to the WTO Agreement formally concluded the GATT Agreement of 1947 on December 31, 1995. Montenegro became a member in 2012, while Serbia is in negotiations and is expected to become a WTO member. The future.

While the GATT is a state-approved measure, the WTO is an intergovernmental organization with headquarters and staff, and its scope includes both trade and commerce in the service sector. And intellectual property. Although designed to serve multilateral agreements, during many of the GATT negotiations (especially around Tokyo), multilateral agreements create selective trade and cause division among members. The WTO agreement is usually a mechanism for multilateral agreements to address the GATT.