The Birth of the GATT and the WTO

A set of flashcards covering the major concepts and details from the lecture on the GATT and WTO.

What international trade organization was discussed post-World War II and faced a lack of U.S. support due to sovereignty concerns?

The International Trade Organization (ITO)

What were the pivotal objectives reached during the Geneva negotiations of 1947?

Draft the International Trade Organization Charter, prepare schedules of tariff reductions, and prepare a multilateral treaty containing general principles of trade.

What entity was established in 1947 as a less contentious alternative to the ITO?

The General Agreement on Tariffs and Trade (GATT)

What significant outcome resulted from the Uruguay Round of GATT negotiations?

The transformation of the GATT into the World Trade Organization (WTO).

What does the WTO aim to ensure regarding the advantages of international trade?

That developing countries secure a better balance in sharing the advantages resulting from the expansion of international trade corresponding to their developmental needs.

What are two critical functions of the World Trade Organization?

To provide a forum for negotiations and to administer the dispute settlement system.

What is the role of the Ministerial Conference in the WTO?

It is the highest decision-making body that includes all WTO members and meets at least every two years to decide on major issues.

What must members of the WTO accept according to the Dispute Settlement Understanding (DSU)?

All agreements, making them binding on all parties as a single body of law.

How does the WTO facilitate the review of trade policies among its members?

Through the Trade Policy Review Body (TPRB).

What was one of the birth defects of the GATT identified by Prof Jackson?

The GATT did not grant legal personality or establish a solid organizational structure.