In the end, the result was an average tariff reduction of 35%, with the exception of textiles, chemicals, steel and other sensitive products; plus a reduction in tariffs on agri-food products from 15% to 18%. In addition, the negotiations on chemicals resulted in a provisional agreement on the abolition of the US selling price (ASP). This was a method of valuation of certain chemicals used by these countries for the imposition of import duties, which allowed domestic producers to benefit from a much higher level of protection than that indicated in the customs regulations. This series of meetings and reduced tariffs would continue and new GATT provisions would be taken into account in the process. The operation of the GATT Agreement falls within the competence of the Trade in Goods Council, composed of representatives of all WTO Member States. The current presidency is. Governments give up some degree of control over an international agreement Following the UK`s vote to withdraw from the EU, supporters of leaving the EU have proposed that Article 24(5B) of the Treaty can be used to maintain an « impasse » in trade terms between the UK and the EU, if the UK leaves the EU without a trade deal. This will prevent the introduction of tariffs. According to proponents of this approach, it could be used to implement an interim agreement until a final agreement of up to ten years is negotiated. [25] GATT Digital Library: This online library of more than 30,000 GATT documents from 1947 to 1994 is a joint project of the WTO and Stanford University. You must register to access the full texts of the documents, but registration is free. This website also contains bibliographies, research guides and links to other useful sites.
Gatt introduced the most-favoured-nation principle into customs agreements between members. The details of GATT have been optimized in the decades since its creation. The main objective of the continuation of the negotiations was to continue to reduce tariffs. In the mid-1960s, an anti-dumping agreement was added with the Kennedy Round, while the Tokyo Round improved other aspects of trade in the 70s. The Uruguay Round continued from 1986 to 1994 and created world trade WorldTradeLaw.net organization. U.S. submissions under WTO dispute settlement proceedings are also available on the Office of the U.S. website. .