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Question 3 What is the difference between GATT and WTO? Analyze the role of WTO in international trade today in general, and Vietnam in particular, and make recommendations to the Vietnamese governmen.
Question 3: What is the difference between GATT and WTO? Analyze the role of WTO in international trade today in general, and Vietnam in particular, and make recommendations to the Vietnamese government? Tác động tích cực tiêu cực WTO với Việt Nam (số liệu cụ thể) WTO: is the only international organization dealing with the global rules of trade between nations its main function is to ensure that trade flows as smoothly, predictably and freely as possible Is a forum for governments to negotiate trade agreements is a rules- based, member –driven organization – all decision are made by the member governments, and the rules are the outcome of negotiations among members Location: Geneva, Switzerland Established: January 1995 under the Marrakesh Agreement, signed by 123 nations Membership (2020): 164 members (98% of world trade) Function GATT The General Agreement on Tariffs and Trade (GATT) was signed by 23 countries in October 1947, after World War II, and became law on Jan 1, 1948 The purpose of the General Agreement on Tariffs and Trade (GATT) was to make international trade easier The General Agreement on Tariffs and Trade (GATT) held eight rounds in total from April 1947 to December 1993, each with significant achievements and outcomes WTO VS GATT GATT remained a “provisional” agreement and organization whereas WTO commitments are permanent GATT rules mainly applied to trade in goods whereas the WTO covers other areas, such as services, intellectual property, etc GATT had contracting parties whereas the WTO has members GATT agreement allows a country to follow domestic legislation while WTO doesn’t In WTO, almost all the agreements are multilateral in nature involving commitment of the entire membership whereas a number of GATT provisions were plurilateral and therefore selective The WTO also covers certain grey areas, such as agriculture, textiles and clothing, not covered under the GATT The dispute settlement system under the WTO is much more efficient, speedy, and transparent unlike the GATT system which was highly susceptible to blockages Functions of WTO In general To facilitate the implementation, administration, and operation of trade agreements provide a forum To deal with trade disputes Assist developing countries Cooperate with other international organizations In Vietnam Vietnam can access export and import markets in a more stable and predictable manner, thereby increasing the quantity and quality of imported and exported goods and services WTO accession also promotes import liberalization, which in turn allows access to cheaper and diversified imported inputs and consumer goods; Imported inputs are very important for a rapidly modernizing economy like Vietnam Enhance the attraction of foreign direct investment capital Recommendations to the Vietnamese government Vietnam needs to be able to use all the tools available to developing WTO members to protect its vulnerable agricultural sector, including tariff rate quotas, Special Safeguards (SSG) provisions existing WTO and new terms under negotiation at WTO Industrial taxes should not be tied to an average lower than 17 percent Vietnam needs a transition period long enough to be compatible with the Agreements on Technical Barriers to Trade, Sanitary and Phytosanitary Measures, and Tariff Valuation in order to stretch real costs test and build the necessary technical capacity The WTO-plus provisions on intellectual property and trade safeguards in the US Bilateral Trade Agreement should not become part of the accession package ... like Vietnam Enhance the attraction of foreign direct investment capital Recommendations to the Vietnamese government Vietnam needs to be able to use all the tools available to developing WTO members... etc GATT had contracting parties whereas the WTO has members GATT agreement allows a country to follow domestic legislation while WTO doesn’t In WTO, almost all the agreements are multilateral... In Vietnam Vietnam can access export and import markets in a more stable and predictable manner, thereby increasing the quantity and quality of imported and exported goods and services WTO accession