What is the GATT? What is the WTO? How does these organizations differ? What are some of the norms, principles, and rules associated with the GATT and WTO? How does the dispute settlement mechanism in the WTO support international trade?

GATT and WTO

Explanation:

GATT stands for General Agreement on Trade and Tariff. It is a legal agreement among nations on international trade aimed at reducing tariffs. WTO or World Trade Organization is the successor of GATT in making laws for eliminating trade barriers. Initially, it GATT in 1993 which was reorganized to pave the way for WTO in 1995. All the 76 members of GATT and members of European Union created WTO.

The difference between GATT and WTO is that GATT was a legal agreement between or among nations, while WTO is an intergovernmental organization. Trade agreements under GATT was selective trading which created discords among member nations. Under WTO, trade rules are multilateral.

One of the successes of the WTO is its norms and procedures to resolve disputes. The WTO rule of law makes the international trading system more secure. The dispute settlement system has a clearly-defined rules, most importantly with timetables for completing a case. The WTO dispute settlement system engages the warring parties and third parties to a case. It also involves Dispute Settlement Body (DSB) panels, the Appellate Body, the WTO Secretariat, independent arbitrators, experts, and institutions