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
The dispute settlement system of the WTO is the central element in providing security and predictability to the multilateral trading system. The Members recognise tat it serves to preserve the rights and obligations of Members under the covered agreements, and to clarify the existing provisions of those agreements in accordance with customary rules interpretation of public international law. Recommendations and rulings of the DSB cannot add or diminish the rights and obligations provided in the covered agreements.-Art. 3:2