General Agreement Of Tariff And Trade

In addition to facilitating applied tariff reductions, the contribution of the FIRST GATT to trade liberalization includes “the commitment of negotiated tariff reductions for an extended period (more durable in 1955), the determination of the generalized nature of non-discrimination by most-favoured treatment (MFN) and the status of domestic treatment, the guarantee of greater transparency of trade policies and the establishment of a negotiating forum with a view to the peaceful settlement of bilateral disputes. All of these have contributed to streamlining trade policy and reducing trade barriers and political uncertainty. [4] The General Agreement on Tariffs and Trade (GATT), signed in October. . . .