What is the CORRECT sequence of the following? A. Uruguay Round B. Kennedy Round C. Doha Round D. Geneva Round Choose the correct answer from the options given below
D, B, A, C
Understanding the Sequence of GATT and WTO Trade Rounds
The question asks for the correct chronological sequence of four significant rounds of trade negotiations under the General Agreement on Tariffs and Trade (GATT) and its successor, the World Trade Organization (WTO).
Let's look at the approximate timeframes for each of the mentioned rounds:
- Geneva Round (D): This was the very first round of negotiations, held in 1947. It led to the signing of the General Agreement on Tariffs and Trade (GATT).
- Kennedy Round (B): This round took place from 1964 to 1967. It was significant for focusing on anti-dumping measures and reducing tariffs by about 35% on industrial goods.
- Uruguay Round (A): This extensive round lasted from 1986 to 1994. It was groundbreaking as it created the World Trade Organization (WTO), replacing the GATT, and significantly expanded trade rules to include services, intellectual property, and agriculture.
- Doha Round (C): Launched in 2001 in Doha, Qatar, this round is the most recent. Its agenda aims to lower trade barriers around the world, with an initial focus on agriculture, services, and intellectual property. It has faced significant challenges and remains largely unfinished.
Based on these timeframes, the correct chronological order is:
- Geneva Round (1947)
- Kennedy Round (1964-1967)
- Uruguay Round (1986-1994)
- Doha Round (2001-Present, stalled)
Therefore, the sequence is D, B, A, C.
Let's summarize this in a table for clarity:
| Round | Code | Approximate Period | Key Outcome/Focus |
|---|---|---|---|
| Geneva Round | D | 1947 | Established GATT, Initial tariff reductions |
| Kennedy Round | B | 1964-1967 | Significant tariff cuts, Anti-dumping agreement |
| Uruguay Round | A | 1986-1994 | Created WTO, Expanded scope (services, IP, agriculture) |
| Doha Round | C | 2001-Present | Focus on developing countries, Agriculture, Services (Stalled) |
Comparing this sequence (D, B, A, C) with the given options, we find that Option 1 matches this order.
Understanding the history and sequence of these GATT and WTO trade rounds is crucial for grasping the evolution of the global trading system and international economic relations.
Revision Table: GATT and WTO Trade Rounds History
| Round Name | Period | Significance |
|---|---|---|
| Geneva Round | 1947 | Birth of GATT; Initial tariff concessions among 23 countries. |
| Annecy Round | 1949 | Tariff negotiations. |
| Torquay Round | 1950-1951 | Tariff negotiations; UK withdrew concessions with the US. |
| Geneva Round | 1955-1956 | Tariff negotiations; Covered $2.5 billion in trade. |
| Dillon Round | 1960-1962 | Tariff negotiations; Preparation for entry of European Economic Community (EEC). |
| Kennedy Round | 1964-1967 | Tariff cuts (average 35%); First major attempt at non-tariff barriers (anti-dumping). |
| Tokyo Round | 1973-1979 | Tariff cuts; Addressed non-tariff barriers more extensively (subsidies, technical barriers). |
| Uruguay Round | 1986-1994 | Created the WTO; Covered new areas: services, intellectual property, agriculture, textiles; Dispute settlement improvements. |
| Doha Development Agenda (Doha Round) | 2001-Present (Stalled) | Focus on development issues; Negotiations on agriculture, non-agricultural market access, services, trade facilitation, etc. |
Additional Information: GATT and WTO Explained
The General Agreement on Tariffs and Trade (GATT) was a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.
- GATT was provisional in nature and operated through rounds of negotiations focused primarily on reducing tariffs on goods.
- It lacked a strong institutional structure and dispute settlement mechanism.
The World Trade Organization (WTO) was established on January 1, 1995, as a result of the Uruguay Round negotiations. It is the successor to the GATT.
- The WTO is a permanent international organization.
- It covers trade in services and intellectual property in addition to trade in goods.
- It has a more robust and binding dispute settlement system.
- The WTO's fundamental principles include non-discrimination (most-favoured-nation treatment and national treatment), reciprocity, binding and enforceable commitments, transparency, and safety valves (like exceptions for national security or environmental protection).
The trade rounds mentioned in the question represent key milestones in the evolution from the GATT system to the WTO system and ongoing efforts to liberalize global trade.
Important Questions from International Economic institutions
General Agreement on Tariffs and Trade was formalised in the year:
In which of the following years was ADB (Asian Development Bank) established?
Match List-I with List-II:
List I
(Trade and Finance Institution)
List II
(Headquarters)
a) WTO i) Brussels b) IMF ii) Geneva c) FAO iii) Washington d) EU iv) Rome Choose the correct option from those given below:
Match List I with List II:
List- I
Type of Agreement
List – II
(Explanation)
A.
NAMA
(I)
Liberation of International Investments
B.
GATTs
(II)
Includes industrial goods. textile. jewellery, fish and fisheries products and manufacturing industries
C.
TRIMs
(III)
Liberalisation of trade in goods and services
D.
TRIPs
(IV)
Provides monopoly power to owners of intellectual ‘property
Choose the correct answer from the options given below -Which of the following entity has recently been negotiated to replace NAFTA with effect from July 2020?
