Gatt Agreement as Modified by the Agreement

The General Agreement on Tariffs and Trade (GATT) was a multilateral treaty that was established in 1948 as a platform for international trade negotiations. The aim of the agreement was to promote free trade by reducing tariffs, removing trade barriers, and establishing fair trading practices among member countries. Over the years, the GATT went through several rounds of negotiations and modifications, eventually leading to the establishment of the World Trade Organization (WTO) in 1995.

One of the significant modifications to the GATT was the Uruguay Round of Negotiations in 1986-1993, which resulted in the creation of the Agreement on Agriculture (AoA) and the Agreement on the Application of Sanitary and Phytosanitary Measures (SPS). These agreements were designed to address the concerns and challenges faced by developing countries in the agriculture sector and to ensure that food safety standards were met while maintaining fair trade practices.

The AoA aimed to reduce market distortions caused by subsidies, price support policies, and other measures that create unfair competition for developing countries. It also established a minimum access commitment (MAC) for agricultural products, which allowed developing countries to gain greater access to developed country markets. The SPS agreement, on the other hand, established guidelines for implementing measures related to food safety and animal and plant health, with the aim of protecting the health of consumers and animals without creating unnecessary barriers to trade.

Another significant modification to the GATT was the creation of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) in 1994. This agreement aimed to establish minimum standards for the protection and enforcement of intellectual property rights (IPRs) in member countries. The TRIPS agreement aimed to balance the need for protecting IPRs with the need for promoting innovation, technology transfer, and economic development.

In conclusion, the GATT agreement, as modified by subsequent agreements, has played a crucial role in facilitating international trade and promoting economic growth among member countries. The modifications made to the GATT, such as the AoA, the SPS agreement, and the TRIPS agreement, have addressed critical issues faced by developing countries, including market distortions, unfair competition, and intellectual property rights. As a result, the GATT continues to serve as a framework for international trade negotiations, paving the way for greater economic integration and cooperation among nations.