LinhRikyShfly

Key difference between GATT and WTOa) The GATT was ad hoc and provisional. It was never ratified by members' parliaments, and it contained no provisions for the creation of an International Organization. While, the WTO and its agreements are permanent. As an international organization, it has a sound legal basis because members have ratified the WTO agreements, and the agreements themselves describe how the WTO will be functioning to promote trade.b) The WTO has members while, the signatories to the GATT were called “contracting parties”c) The GATT dealt with trade in goods only, while, the WTO covers services as well as intellectual property. d) The WTO has a more effective settling system.Who is entitled to Special and Differential Treatment? A: The special needs of developing country members and in particular the least developed country members are to be taken into account. The phased introduction of new SPS measures and longer time frame for compliance are to be accorded on products of interest to developing country members.What is bound tariff?The Bound tariff rate is the most-favored-nation tariff rate resulting from negotiations under the General Agreement on Tariffs and Trade (GATT) and incorporated as an integral component of a country’s schedule of concessions or commitments to other World Trade Organization members.…