Glossary of Terms

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Glossary of Terms

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Gatt Rounds

Multilateral Trade Negotiations conducted under the GATT. Eight rounds took place under the GATT 1947:

1947 Geneva, creation of the GATT
1949 Annecy, negotiations with countries wishing to accede to GATT. During this round the focus was on tariff reductions.
1951 Torquay, new accessions and tariff reductions.
1956 Geneva, similar to previous rounds.
1960 1962 Geneva, the "Dillon Round". Revision of the GATT and new accessions.
1964 1967 Geneva, the "Kennedy Round". First time the formula approach was adopted (50% reduction, with exceptions) in addition to the traditional product by product approach.
1973 1979 Geneva, the "Tokyo Round". Formula tariff reductions with a view to "harmonize" the levels of tariffs. Agreements on the use of selected non tariff measures.
1986 1994 Geneva, the "UruguayRound". Product by product approach by all participants, especially reciprocal offers and sectorial negotiations by a number of participants, to eliminate or harmonize duties in certain sectors ("zero for zero" approach). Strengthening of the GATT and its expansion to new areas (services, counterfeit goods, etc.). Active participation of developing countries offering extensively new bindings at "ceiling rates". Use of the new concept of "credit for bindings" and "recognition of autonomous liberalization measures" for developing country participants. New accessions to WTO. Creation of the World Trade Organization (WTO).

Gatt Schedules Of Concessions

All concessions negotiated in GATT negotiations are reported in the GATT legal instruments containing Schedules of concessions. Each WTO Member incorporates its concessions in its own schedule. (See also Loose-leaf Schedule).

General Tariff

General tariffs are the customs duties which apply in some countries to partners which are not members of the WTO. The general duties are generally higher than the MFN duties.

Generalized System Of Preferences (GSP)

Generalized system of preferences offered unilaterally by developed/transition economies to developing countries. GSP is accorded to developing countries by the following countries: Australia, Belarus, Bulgaria, Canada, Estonia, the European Union, Japan, New Zealand, Norway, the Russian Federation, Switzerland, Turkey and the United States.

GSP

See Generalized System of Preferences.