What characteristics of the GATT/WTO system allowed it to rapidly reduce tariffs after 1947 (make sure...

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Economics

What characteristics of the GATT/WTO system allowed it torapidly reduce tariffs after 1947 (make sure your answer includesMFN status, uniformity of treatment, etc.). Why did that processaccelerate in the 1960s? How did â€œMFN statusâ€ eventually become aproblem for the GATT/WTO?

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From 1948 to 1994 the General Agreement on Tariffs and Trade GATT provided the rules for much of world trade and presided over periods that saw some of the highest growth rates in international commerce It seemed wellestablished but throughout those 47 years it was a provisional agreement and organization The original intention was to create a third institution to handle the trade side of international economic cooperation joining the two Bretton Woods institutions the World Bank and the International Monetary Fund Over 50 countries participated in negotiations to create an International Trade Organization ITO as a specialized agency of the United Nations The draft ITO Charter was ambitious It extended beyond world trade disciplines to include rules on employment commodity agreements restrictive business practices international See Answer

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