1994 – The U.S. House passed the revised General Agreement on Tariffs and Trade.


Image result for general trade and tariff logo

The General Agreement on Tariffs and Trade 1994 (“GATT 1994”) shall consist of:
(a) the provisions in the General Agreement on Tariffs and Trade, dated 30 October 1947, annexed to the Final Act Adopted at the Conclusion of the Second Session of the Preparatory Committee of the United Nations Conference on Trade and Employment (excluding the Protocol of Provisional Application), as rectified, amended or modified by the terms of legal instruments which have entered into force before the date of entry into force of the WTO Agreement;
(b) the provisions of the legal instruments set forth below that have entered into force under the GATT 1947 before the date of entry into force of the WTO Agreement:
(i) protocols and certifications relating to tariff concessions;
(ii) protocols of accession (excluding the provisions (a) concerning provisional application and withdrawal of provisional application and (b) providing that Part II of GATT 1947 shall be applied provisionally to the fullest extent not inconsistent with legislation existing on the date of the Protocol);
(iii) decisions on waivers granted under Article XXV of GATT 1947 and still in force on the date of entry into force of the WTO Agreement1;
(iv) other decisions of the CONTRACTING PARTIES to GATT 1947;
(c) the Understandings set forth below:
(i) Understanding on the Interpretation of Article II:1(b) of the General Agreement on Tariffs and Trade 1994;
(ii) Understanding on the Interpretation of Article XVII of the General Agreement on Tariffs and Trade 1994;
(iii) Understanding on Balance-of-Payments Provisions of the General Agreement on Tariffs and Trade 1994;
(iv) Understanding on the Interpretation of Article XXIV of the General Agreement on Tariffs and Trade 1994;
(v) Understanding in Respect of Waivers of Obligations under the General Agreement on Tariffs and Trade 1994;
(vi) Understanding on the Interpretation of Article XXVIII of the General Agreement on Tariffs and Trade 1994; and
(d) the Marrakesh Protocol to GATT 1994.

Resource: fta.go.kr

One thought on “1994 – The U.S. House passed the revised General Agreement on Tariffs and Trade.”

Comments are closed.