GATT
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WTO
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GATT was a multilateral
agreement with a set of rules which were not enforceable. It had no
institutional framework and a very small secretariat
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WTO is a permanent institution
with its own secretariat.
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It was applied on a provisional
basis
initially and continued to be
treated like
that even after 40 years of its
existence
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Its commitments are full and permanent.
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GATT applied to only trade in merchandise
goods.
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WTO applies to both trade of merchandise
goods and services anf also trade related aspects of Intellectual Property
Rights.
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Agreements constituting GATT
were initially multilateral in nature but by 1980s many new agreements which were
added were pluri-lateral or of selective nature.
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All agreements are multilateral
in nature and involve commitments by all members.
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GATT dispute settlement was
slower and with a lot of hurdles.
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WTO dispute settlement is more automatic
and faster than that of GATT.
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GATT existed until 1995 as GATT
1994-which was an updated
version of
GATT 1947
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WTO agreements still
constitutes ‘GATT 1994’ focusing on disciplines regarding international
trade.
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