Difference between GATT & WTO:
|(1) It is a set of rules and multilateral agree.||(1)||It is||a permanent||institution||and has legal|
|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.|
|(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|
|(5) Its disputes settlement system was dilatory||(5) Its dispute settlement mechanism is automatic,|
|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.