Difference between GATT & WTO: |
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| GATT | WTO | |||||
| (1) It is a set of rules and multilateral agree. | (1) | It is | a permanent | institution | and has legal | |
| status. | ||||||
| Ment. It had no legal status. | ||||||
| (2) Its framework includes many important | (2) | It | administers | a unified | package of | |
| agreements to which side agreements. | all members are committed. | |||||
| (3) It had a small secretariat managed by a | (3) It has a large secretariat and a huge | |||||
| organizational set up. | ||||||
| Director General. | ||||||
| (4) Its rules were applied to trade in goods only | (4) It includes not only trade in goods and | |||||
| services but | also trade-related aspects of intellectual property | |||||
| rights. | ||||||
| (5) Its disputes settlement system was dilatory | (5) Its dispute settlement mechanism is automatic, | |||||
| faster and | ||||||
| And not bonding on parties. | Binding on the parties. | |||||
(6) of WTO It was a form where the members countries Met after a long period to discuss and solve trade problems.
(6) of GATT It is a properly established rule-based world trade organization where decisions on agreements are time bound.
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