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
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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