WORLD TRADE ORGANISATION: AN OVERVIEW. BACKGROUND. Great Depression, Protectionism and the Consequences Bretton Woods Institutions GATT 1947 and Failure of the International Trade Organisation (ITO) GATT Negotiating Rounds. WTO AGREEMENT STRUCTURE. Single Undertaking
1. General Elimination of Quantitative Restrictions (Art. XI), Article II
(a) Most Favoured Nation Treatment Art. I
(b) National Treatment Art. III
3. Other Obligations: Customs valuation, Transparency, fees and formalities, marks of origin, freedom of transit.
TO PROTECT THE ECONOMY
TO PROTECT INDUSTRIES