The General Agreement On Tariffs And Trade (Gatt) Is Based On The Principle Of Mgt211

The Multilateral Agreement on Trade in Goods comprises GATT 1994 (General Agreements on Tariffs and Trade Agreements) and 13 sectoral agreements. These cover four fields: the fifth round took place in Geneva and lasted from 1960 to 1962. The discussions are named after U.S. Treasury Secretary and former Under Secretary of State Douglas Dillon, who first proposed the discussions. Twenty-six countries participated in the round. In addition to reducing tariffs by more than $4.9 billion, this has also led to discussions on the creation of the European Economic Community (EEC). The fourth round returned to Geneva in 1955 and lasted until May 1956. Twenty-six countries participated in the round. Tariffs of $2.5 billion have been abolished or reduced. In the end, the result was an average tariff reduction of 35%, with the exception of textiles, chemicals, steel and other sensitive products; plus a reduction in tariffs on agri-food products from 15% to 18%.

In addition, the negotiations on chemicals resulted in a provisional agreement on the abolition of the US selling price (ASP). This was a method of valuation of certain chemicals used by these countries for the imposition of import duties, which allowed domestic producers to benefit from a much higher level of protection than that indicated in the customs regulations. The Doha Development Round began in 2001. The Doha Round began in 2001 with a ministerial meeting in Doha, Qatar. The objective was to focus on the needs of developing countries.