Replaced the institution of GATT while retaining all of the former GATT agreements

WTO and GATT – are they the same?

No. They are different — the WTO is GATT plus a lot more.

Two GATTS

It is probably best to be clear from the start that the General Agreement on Tariffs and Trade (GATT) was two things: (1) an international agreement, i.e. a document setting out the rules for conducting international trade, and (2) an international organization created later to support the agreement. The text of the agreement could be compared to law, the organization was like parliament and the courts combined in a single body.

As its history shows, the attempt to create a fully fledged international trade agency in the 1940s failed. But GATT's drafters agreed that they wanted to use the new rules and disciplines, if only provisionally. Then government officials needed to meet to discuss issues related to the agreement, and to hold trade negotiations. These needed secretarial support, leading to the creation of an ad hoc organization — that continued to exist for almost half a century.

GATT, the international agency, no longer exists. It has now been replaced by the World Trade Organization.

The main differences

GATT was ad hoc and provisional. The General Agreement was never ratified in members' parliaments, and it contained no provisions for the creation of an organization.

The WTO and its agreements are permanent. As an international organization, the WTO has a sound legal basis because members have ratified the WTO agreements, and the agreements themselves describe how the WTO is to function.

The WTO has "members". GATT had "contracting parties", underscoring the fact that officially GATT was a legal text.

GATT dealt with trade in goods. The WTO covers services and intellectual property as well.

The WTO dispute settlement system is faster, more automatic than the old GATT system. Its rulings cannot be blocked.

GATT, the agreement, does still exist, but it is no longer the main set of rules for international trade. And it has been updated.

What happened? When GATT was created after the Second World War, international commerce was dominated by trade in goods. Since then, trade in services — transport, travel, banking, insurance, telecommunications, transport, consultancy and so on — has become much more important. So has trade in ideas — inventions and designs, and goods and services incorporating this "intellectual property".

The General Agreement on Tariffs and Trade always dealt with trade in goods, and it still does. It has been amended and incorporated into the new WTO agreements. The updated GATT lives alongside the new General Agreement on Trade in Services (GATS) and Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). The WTO brings the three together within a single organization, a single set of rules and a single system for resolving disputes.

In short, the WTO is not a simple extension of GATT. It is much more.

So, the GATT is dead, long live the GATT!

While GATT no longer exists as an international organization, the GATT agreement lives on. The old text is now called "GATT 1947". The updated version is called "GATT 1994".

Moreover, GATT's key principles have been adopted by the agreements on services and intellectual property. These include non-discrimination, transparency and predictability. As the more mature WTO developed out of GATT, you could say that the child is the father of the man.

Source: the World Trade Organization web site, URL: http://www.wto.org/.

________ is the trend toward greater economic, cultural, political, and technological interdependence among national institutions and economies.

The population of a(n) ________ market is mostly rural and is characterized by poor infrastructure with little credit or collateral.

________ are all goods and services sold abroad and sent out of a country.

Which of the following refers to the use of computer networks to purchase, sell, or exchange products; service customers; and collaborate with partners?

The rise of a new international entity called the ________ suggests that any company, regardless of age, experience, and resources, can engage in international business.

Konesia is a country in which rising incomes are increasing the global demand for basic products and services. Which of the following is the type of market featured in this country?

________ place limits on the quantity of a product being imported.

The purpose of the General Agreement on Tariffs and Trade (GATT) was to ________.

An established consumer market that primarily comprises the middle class and possesses efficient infrastructure is characteristic of ________ markets.

Goods and services purchased abroad and brought into a country are called ________.

Which of the following terms is defined as the set of values, beliefs, rules, and institutions held by a specific group of people?

Detailed knowledge about a culture that enables people to work happily and effectively within it is called ________.

The Toro-Hessians are a minority group in the Margoza Archipelago, with a set of preferences, attitudes, and taboos, distinct from that of the national culture. Therefore, they are often overlooked when foreign businesses choose to customize their products for the inhabitants of the islands. The Toro-Hessian community is an example of ________.

Which of the following is a cultural component that implies gauging the beauty and appeal of artwork?

Which of the following terms is used to refer to the ideas, beliefs, and customs to which people are emotionally attached?

Cultural change occurs when people integrate into their culture the gestures, material objects, traditions, or concepts of another culture through ________.

Which of the following terms is used to refer to the departure of highly educated people from one profession, geographic region, or nation to another?

In which of the following systems is land, factories, and other economic resources equally split between private and government ownership?

France, Germany, and Sweden are examples of ________.

The selling of government-owned economic resources to private operators is called ________.

In a market economy, economy-related decisions are determined by the interactions between ________.

A ________ is a political system in which a country's religious leaders serve as its political leaders.

A ________ is a political system in which government leaders are elected directly by the wide participation of the people or by their representatives.

Which of the following political ideologies states that every aspect of people's lives must be controlled for a nation's political system to be effective?

The segment of the economic environment comprising independently owned firms that seek to earn profits is called the ________.

Which of the following philosophies asserts that ownership of the means of production belongs in the hands of individuals and private businesses?

In a market economy, access to alternative purchase options is known as ________.

________ is the belief that only individuals and private groups should control a nation's political activities.

________ is the belief that both private and public groups play important roles in a nation's political activities.

What replaced GATT?

When was GATT replaced with WTO?

Why GATT is replaced by WTO?

What organization replaced the GATT quizlet?