Australian Economy & Trade

4 April 2015
Effects of General Agreement on Tariffs & Trade, World Trade Organization, U.S. & regional trade policy on Australian economy.

GATT & THE WTO: EFFECTS ON AUSTRALIA?S ECONOMY
This research examines the effects of GATT (General Agreement on Tariffs and Trade) and the WTO (World Trade Organization) on Australia’s economy. GATT represented an effort to open the markets of the world to freer trade through the reductions or elimination of tariffs and other imposed impediments to trade (Niblett, 1995, pp. 74-77). Following the Uruguay Round of the GATT negotiations, sufficient progress had been made to persuade the member countries to form the WTO as a successor to GATT and as a permanent organization to monitor and regulate global trade (Niblett, 1995, pp. 74-77).
The Uruguay Round more than doubled (from 20 percent to 44 percent) the share of non-agricultural imports by industrialized countries that ..

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