Question

1.Explain the main difference between WTO and GATT.
2. Explain the WTO dispute policy. What are the steps if a nation believes that a member is in violation of the WTO? How are trade disputes settled? Please give an example.

Answer 1

Answer - Generally excepted terms of trade is an internstional treaty which promotes the international trade and aims at the reduction of the trade barriers to enhance the flow of trade. It is less powerful than WTO.

The world trade organisation is the organisation superceding GATT which aims to make the rules for the international trade , liberalise it and solve the trade related disputes among the nations . It deals with rules of trade across the nations.