This is an extract of our Regulation Of Ibt document, which we sell as part of our International Business Transactions Outlines collection written by the top tier of Thomas Jefferson School Of Law students.
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#5 - REGULATION OF IBT GATT & WTO
Intricately related to each other GATT/WTO agreements have as their basic premise the non-discrimination and national treatment policies among nations MFN accords preferential tariffs to all nations of the GATT/WTO who comply This non-discrimination treatment creates a level playing field in international business
GATT - 1994 o Replaced the GATT 1947
? Entered into after WWII (after Bretenwoods Conference) o Established rules of non-discrimination
? National treatment
* Treat goods coming from outside the country as if they were goods that were produced in your own country) o Was enacted pursuant to the establishment of the WTO o Provides MFN status, GSP, grace periods, etc.
WTO o WTO did not replace GATT (not dead) (GATT was just amended) o Main administering agent of the Int'l trade treaty governing tariffs among nations of the world who trade w/each other o Institution that administers and enforces through its dispute resolution mechanism the provisions of the GATT 1994 o 4 Plurality Agreements (only for specific countries)
? 30 multilateral agreements/treaties
* TRIPs, TRIMs, GATS, etc.
* Before you can be a member of WTO - must sign TRIPs & all m.l. agreements o Regulates tariffs on imports of products o WTO enables a country to sue another country o Dispute Settlement Body
? Tribunal where any country not abiding by the rules can be brought up on charges
? Sanctions can be instituted
? Concessions (higher tariffs) can be instituted
? Countries can lose MFN status if they do not obey rules
Most Favored Nation Status
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