What are the major provisions of GATT

Question

What are the major provisions of GATT

Answer 1

The major provisions of GATT include:

a. Tariff reductions will average 33 percent.

b. Services are included in the treaty’s trade rules.

c. Quotas on textiles and apparel imports will be replaced by tariffs and these, too, will be eliminated gradually.

d. Agriculture will also be affected with members agreeing to cut subsidies to agriculture and quotas on agricultural imports.

e. Intellectual property will be protected by international patent, trademark, and copyright agreements.

f. When fully implemented, experts estimate the GATT agreement will boost world GDP by $6 trillion or 8 percent, and U.S. consumers will save about $30 billion each year.