GATT 1994 and WTO

GATT 1994 and WTO

The General Agreement on Tariffs and Trade 1994 (GATT 1994) is a multilateral treaty subscribed to by 125 member governments. It consists of original 1947 GATT, numerous multilateral agreements negotiated since 1947, the Uruguay Round Agreements, and the agreement establishing the World Trade Organization (WTO). On January 1, 1995, the TWO took over responsibility of the former GATT organization. Since 1947 and the end of the World War II era, the goal of the GATT has been to liberalize world trade and make it secure for furthering economic growth and human development.

The GATT is based on the fundamental principles of (1) trade without discrimination and (2) protection through tariffs. The principle of trade without discrimination is embodied in its most favored nation clause. All member countries grant each other equal treatment. All member countries are equal and share the benefits of any moves toward lower trade barriers. Exception to this basic rule are allowed in regard to the European Union (EU) and the North American Free Trade Agreement (NAFTA). Special preferences are also granted to developing countries. The second basic principle is protection for domestic industry, which should be extended essentially through a tariff, not through other commercial measures. The aim of this rule is to make it the extent of protection clear and to make competition possible.

The new WTO provides a Dispute Settlement Body (DSB) to enable member countries to resolve trade disputes. The DSB appoints panels to hear disputes concerning allegations of GATT agreement violations. If a GATT agreement violation is found and not removed by the offending country, trade sanctions authorized by a panel may be imposed on that country in an amount equal to the economic injury caused by the violation.

GATT 1994 -солглашение по таможенным тарифам и торговле

WTO – организация ООН по международной торговле и ВТО (Всемирная торговая организация)

Multilateral – многосторонний

subscribed to – подписывать

negotiated – вести переговоры

Round Agreements – Уругвайский раунд

Establishing – учредить

took over – взять на себя ответственность

liberalize world trade – делать либеральной международную торговлю

secure – безопасный, гарантированный

furthering – способствовать

human development – развитие гуманитарности

embodied – воплощать

most favored nation clause – режим наибольшего благоприятствования стране

equal treatment – равное обращение с

in regard to the European Union – в отношении Евросоюза

North American Free Trade Agreement (NAFTA) – Североамериканское соглашение о свободе торговли (НАФТА)

Preferences – предпочтение

Essentially – существенно

Extent – степень

Dispute Settlement Body – коллегия по разрешению споров

Enable – позволять

Resolve – разрешать

Panels – комиссия

Allegations – заявление, утверждение

Removed – устранить

Offending – нарушающий

sanctions authorized –

be imposed on – вводить

injury – вред, ущерб

violation – нарушение

EU

The European Economic Community (EEC) was established in 1958 by the Treaty of Rome in order to remove trade and economic barriers between member countries and to unify their economic policies. It changed its name and became the European Union (EU) after the Treaty of Maastricht was ratified on November 1, 1993. The Treaty of Rome contained the governing principles of this regional trading group. The treaty was signed by the original six nations of Belgium, France, West Germany, Italy, Luxembourg, and the Netherlands. Membership expanded by the entry of Denmark, Ireland, and Great Britain in 1963; Greece in 1981; Spain and Portugal in 1986; and Austria, Sweden and Finland in 1995.

Four main institutions make up the formal structure of the EU. The first, the European Council, consists of the heads of state of the member countries. The council sets broad policy guidelines for the EU. The second, the European Commission, implements decisions of the council and initiates actions against individuals, companies, or member states that violate EU law. The third, the European Parliament, has an advisory legislative role with limited veto powers. The fourth, the European Court of Justice (ECI), is the judicial arm of the EU. The courts of member states may refer cases involving questions on the EU treaty to the ECJ.

The Single European Act eliminates internal barriers to the free movement of goods, persons, services, and capital between EU countries. The Treaty on European Union, signed in Maastricht, Netherlands (the Maastricht Treaty), amended the Treaty of Rome with a focus on monetary and political union. It set goals for the EU of (1) single monetary and fiscal policies, (2) common foreign and security policies, and (3) cooperation in justice and home affairs.

The European Economic Community (EEC) – Европейское экономическое сообщество

Treaty of Rome – Римский договор

Barriers – барьеры

Unify – объединять, унифицировать

European Union (EU) – Европейский Союз

Treaty of Maastricht – Маастрихтский договор

Ratified – ратифицированный

Entry – вступление

European Council – Европейский Совет

Guidelines – руководство

European Commission – Европейская комиссия

Implements – осуществлять

initiates actions against – возбуждать дело против, начинать процесс против

European Parliament – Европейский Парламент

advisory legislative – консультативный, совещательный, законодательный

European Court of Justice – Европейский суд

Judicial – судебный

Refer – относить к, передавать в

Single European Act – единый европейский закон

Amended – вносить поправки

Single – единый

Fiscal – финансовый

NAFTA

The North American Free Trade Agreement (NAFTA) is an agreement among Mexico, Canada, and the United States, effective January 1, 1994. It included Mexico in the arrangements previously initiated under the U.S. – Canada Free Trade Agreement of 1989. NAFTA eliminates all tariffs among the three countries. Side agreements exist to prevent the exploitation of Mexico’s lower environmental and labor standards. Product are qualified for NAFTA tariff preferences only if they originate in one or more of the three member countries. NAFTA does not create a common labor market.