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International Trade Theory & Policy - Term Paper Example

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However, the original objectives of GAAT continue to be executed under the umbrella of World Trade Organization (GATT, 33). The objectives of the GAAT were achieved gradually, with minimal achievements in the first and the second round, but a major achievement in the 3rd round, where the countries under negotiations agreed to effect $2.5 billion in tariff reductions (GATT, 11). These concessions kept increasing, with a notable achievement in the 4th round, where a concession worth $4.9 billion of world trade was agreed. This increased in the 5th round with a concession worth $40 billon, and in the 6th round the highest concession of more than $300 billion being agreed upon (GATT, 27). By the close of the eighth round, major breakthroughs had been made, which eventually saw the agreeable reduction of trade barriers between countries, and thus the creation of a more favorable environment for undertaking trade. Question 3 The 8th round of the GATT was proposed to continue advancing the move to enhance trade between countries with minimal restrictions and barriers to trade. ...
the agricultural products from the USA from being prone to the tariff regulations that were being established for the other products, and protect the interest of the United States' Export Enhancement Program (Epstein, 12). The 8th round also sought to establish the rules of operation of GATT, establish the necessary non-tariff measures, while also establishing the necessary dispute resolution mechanism that could be

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applied to resolve the disputes arising amongst the member countries (Epstein, 3). Nevertheless, the 8th round almost came to a stall, with major disagreements arising majorly between some of the European countries, which later came to be known as the Cairns group, and the USA. The main issues was the fact the GATT was operating under double standards, where it required the countries involved under the agreement to liberalize their economies, while giving the USA a waiver for its agricultural products (Epstein, 10). This threatened to collapse the 8th round meeting, and was also the major cause of the failure of the subsequent 1st World Trade Organization meeting. Question 6 Since the establishment of the GATT, the Least Developed Countries (LCDs) have been implored upon to focus on trade as their route to economic growth. However, there has been a looming controversy surrounding this advice. The greatest history of controversy operates on the subject of liberalization, where the developed and hence most powerful countries who are the majority members of the institution, have been pushing for the liberalization of certain sectors of the economies of the LDCs (Chaudhry, 162). This has given the developed countries an upper hand, since they ensure the LDCs are vulnerable to the abolition of the tariffs, while the developed countries benefit in trading freely
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Name: Course: Date: International Trade Theory & Policy Question 1 The GAAT was a multilateral agreement that was established between countries in 1947, which sought to effect a reduction in tariffs and other trade barriers that could hinder the effective undertaking of trade between countries…
International Trade Theory & Policy
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