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Wto Gatt Agreement

The General Agreement on Tariffs and Trade (GATT), signed by 23 countries on October 30, 1947, was a legal agreement that minimized barriers to international trade by eliminating or reducing quotas, tariffs and subsidies while maintaining important regulations. (d) The PARTIES shall require any Party applying restrictions under this Article to enter into consultations with any Party applying restrictions under this Article at the request of a Party that can demonstrate prima facie that the restrictions are inconsistent with the provisions of this Article or with those of Article XIII (subject to Article XIV) and that their trade is affected. However, such a request shall be made only if the CONTRACTING PARTIES have determined that the direct discussions between the Parties concerned have not been concluded. If, as a result of consultations with the PARTIES, no agreement is reached and they find that the restrictions are applied in a procurement with these provisions and that they are thereby causing or threatening to cause injury to the trade of the Party initiating the proceedings, they shall recommend the lifting or modification of the restrictions. If the restrictions are not lifted or modified within the period prescribed by the CONTRACTING PARTIES, they may release the Party initiating the proceedings from the obligations under this Agreement vis-à-vis the Party applying the restrictions for which they deem appropriate. Gatt has introduced the most-favoured-nation principle into customs agreements between members. A country wishing to accede to the WTO submits a request to the General Council and must describe all aspects of its trade and economic policies that are outside the WTO Agreements. [95] The request is submitted to the WTO in a memorandum to be considered by a working group open to all interested WTO Members. [96] (d) In cases where a quota is allocated among the supplier countries, the Party applying the restrictions may reach an agreement with any other Contracting Party that has a substantial interest in supplying the product concerned on the allocation of quota shares.

In cases where this method is not reasonably practicable, the Party concerned shall allocate shares of the quantity or total value of imports of the good to Parties having a substantial interest in the supply of the good on the basis of those Parties` shares during a previous representative period, taking into account specific factors: which have influenced or are likely to affect trade in the goods shall be duly taken into account. No conditions or formalities are imposed that would prevent a Party from making full use of its allocated share of such a total quantity or value, provided that the import takes place within a specified period to which the quota may relate.* The original Agreement on Trade in Goods, which has now been incorporated into GATT 1994 (see above) Explanatory Notes The Uruguay Run Agreement on Agriculture remains the most important agreement on the liberalization of trade in agricultural products in the history of trade negotiations. The objective of the agreement was to improve market access for agricultural products, reduce domestic support to agriculture in the form of price-distorting subsidies and quotas, eliminate export subsidies for agricultural products over time and harmonise sanitary and phytosanitary measures between Member States as much as possible. .