Introduction

The prolonged recession before the world war II led to

the conduct of negotions in 1947 among 23 countries

It was to prevent the protectionism policies and to

revive the economies from the recession

These negotiation of the conference resulted in GATT Thus GATT has its origin in 1947 at a conference in

Geneva

Objectives of GATT
To raise the standard of living
To ensure a full employment and a large and steadily

growing volume of real income and effective demand

To develop the full use of the resources of the world To expand the protection and expand the international

trade

 There were several rounds since the inception of GATT

From 1947 to 1960, the discussion were regarding the

tariffs The other rounds included anti-dumping measures . The significant round was the Uruguay round in 1986 (agricultural and protection of IPR under GATT)

Uruguay Round
It was initiated in September 1986 and concluded on

15th September, 1993 The then Director General of GATT submitted a proposal on 20th December 1991(Dunkel Proposal) which envisages trade and liberalizations in many areas like TRIMs, TRIPs, service sector, clothingf and agriculture subsidies The agreement was finally signed in Marrakesh, Morocco on 15th April, 1994

WORLD TRADE ORGANISATION

According to the Marrakesh declaration, the results in

the Uruguay round would, strengthen the world economy and lead to more trade, investment, employment and income growth through out the world In order to implement the final round of Uruguay round agreement of GATT, the WTO was established on January 1,1995

Functions(Article III)
It shall facilitate the implementation, administration

and operation and further the objectives of this agreement and on the Multitrade agreements It shall provide the framework for the implementation, administration and operation of the plurilateral trade agreements It shall provide the forum for negotiations among its members concerning their multilateral trade relations in matter dealt with agreements in the annexes to this agreement

 It shall administer the understanding on rules and

procedure governing the settlement of disputes It shall administer the Trade Policy Review Mechanism, with a view to achieve greater coherence in global economic policy-making, the WTO shall cooperate as appropriate, with the IMF & IBRD and its agencies

Organization structure of WTO

Ministerial Conference

General Council

Disputes settlement body council s

Director general

Trade policy review body commitees

 Disputes settlement body councils Council for trade in goods Council for trade in services Council for trade related aspects of intellectual rights Director general Secretariat of the WTO Trade policy review body committees Committee on trade and Development Committee on balance of payment restriction Committee on budget finance and administration

Anti- Dumping measures

Dumping means selling the product at below the on-

going market price and/ or at the price below the cost of production.
According to Haberler,the sale of goods abroad at a

price which is lower than the selling price of the same goods at the same time in the same circumstances at home, taking account of difference in transport cost.

 Types of Dumping Intermittent dumping Persistent dumping Predatory dumping

Objectives of dumping To enter the foreign market To sell surplus production To develop trade relations

 Anti-dumping measures Tariff duty Import quota Import embargo Voluntary export restraint