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Inception
Efforts to negotiate international trade agreements began in 1927 at the League
of Nations but were unsuccessful. The precursor organization to the GATT,
called the International Trade Organization (ITO), was first proposed in February
1945 by the United Nations Economic and Social Council. The negotiating
countries of the ITO began parallel negotiations for the GATT as a way to
introduce early tariff cuts. The plan called for the ITO to take control over GATT,
once the ITO was finalized. Owing to the United States failing to implement the
ITO, GATT was the only organization left.
The history of the GATT can be divided into three phases: the first, from 1947
until the Torquay Round, largely concerned which commodities would be covered
by the agreement and freezing existing tariff levels. A second phase,
encompassing three rounds, from 1959 to 1979, focused on reducing tariffs. The
third phase, consisting only of the Uruguay Round from 1986 to 1994, extended
the agreement fully to new areas such as intellectual property, services, capital,
and agriculture. Out of this round the WTO was born.
The agreement is based on the "unconditional most favored nation principle" This
means that the conditions applied to the most favored trading nation (i.e. the one
with the fewest restrictions) apply to all trading nations. In the US, there was
large opposition against the International Trade Organization (which had been
ratified in several countries), and thus President Truman never even submitted it
to the Congress.
Annecy Round - 1949
The second round took place in 1949 in Annecy, France. 26 countries took part
in the round. The main focus of the talks was more tariff reductions, around 5000
in total.
Torquay Round - 1950
The third round occurred in Torquay, England in 1950. 38 countries took part in
the round. 8,700 tariff concessions were made totaling the remaining amount of
tariffs to three-fourths of the tariffs which were in effect in 1948. The
contemporaneous rejection by the United States of the Havana Charter signified
the establishment of the GATT as a governing world body.
Geneva Round - 1955-1956
The fourth round returned to Geneva in 1955 and lasted until May 1956. 26
countries took part in the round. $2.5 billion in tariffs were eliminated or reduced.
Dillon Round - 1960-1962
The fifth round occurred once more in Geneva and lasted from 1960 to 1962.
The talks were named after U.S. Treasury Secretary and former Under Secretary
of State, Douglas Dillon, who first proposed the talks. 26 countries took part in
the round. Along with reducing over $4.9 billion in tariffs, it also yielded
discussion relating to the creation of the European Economic Community (EEC).
Tokyo Round - 1973-1979
Reduced tariffs and established new regulations aimed at controlling the
proliferation of non-tariff barriers and voluntary export restrictions. 102 countries
took part in the round. Concessions were made on $190 billion worth.
Uruguay Round - 1986-1993
The Uruguay Round began in 1986. It was the most ambitious round to date,
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.
Of the original GATT members, only the SFR Yugoslavia has not rejoined the
WTO. Since FR Yugoslavia, (renamed to Serbia and Montenegroand with
membership negotiations later split in two), is not recognized as a direct SFRY
successor state; therefore, its application is considered a new (non-GATT) one.
The contracting parties who founded the WTO ended official agreement of the
"GATT 1947" terms on 31 December, 1995.
Whereas GATT was a set of rules agreed upon by nations, the WTO is an
institutional body. The WTO expanded its scope from traded goods to trade
within the service sector and intellectual property rights. Although it was designed
to serve multilateral agreements, during several rounds of GATT negotiations
(particularly the Tokyo Round) plurilateral agreements created selective trading
and caused fragmentation among members. WTO arrangements are generally a
multilateral agreement settlement mechanism of GATT.