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General Agreement On Trade In Goods

by on Sep.21, 2021, under Uncategorized

Developing countries and countries with economies in transition can expect to compete effectively with all services sectors covered by the GATS. (GATS covers all commercial services in each service sector, with the exception of those provided in the exercise of state power. The services are provided commercially or in the presence or absence of domestic competition.) For discussion and timing purposes, the WTO secretariat has divided services into 12 areas (see box on page 28). The creation of the GATS was one of the milestones of the Uruguay Round, the results of which entered into force in January 1995. The GATS was essentially inspired by the same objectives as its merchandise trade equivalent, the General Agreement on Tariffs and Trade (GATT), namely the creation of a credible and reliable system of international trade rules; ensure fair and equitable treatment of all participants (principle of non-discrimination); stimulate economic activity through guaranteed political ties; Promote trade and development through progressive liberalization. (5) These negotiations are entered into in good faith in order to achieve a compensatory adjustment satisfactory to both parties. Those negotiations, as referred to in Article XXIV(6), shall take due account of tariff reductions made on the same customs line by other elements of the customs union when it was set up. International trade rules in this area are still relatively new and can be shaped. The article also highlights niche areas for developing countries and countries in transition. (4) Article XXIV(6) lays down the procedure to be followed where a member constituting a customs union proposes an increase in a bound duty. . .

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