Gatt 1994 Agreement

Where a tariff position has already been granted, the level of “other duties or taxes” on the corresponding list cannot be higher than the level reached at the time of the first registration of the concession in that timetable. It is open to any member to challenge the existence of “another obligation or other tax” on the grounds that there was no “such obligation or tax” at the time of the initial undertaking of the object in question; and the consistency of the covered level of “another duty or other levy” with the level previously committed for a period of three years from the date of the WTO agreement`s entry into force or three years after the date of the filing of the instrument incorporating the 1994 GATT schedule, if that date is later. The “reasonable period” under Article XXIV, paragraph 5, point c), should only exceed 10 years in exceptional cases. If the members of an interim agreement believe that ten years would not be enough, they will have to explain in detail the trade in goods to the Council for a longer period of time. With regard to interim agreements, the working group`s report can make appropriate recommendations on the proposed timetable and on the measures necessary to complete the establishment of the customs union or free trade area. It may provide, if necessary, for a further revision of the agreement. The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries whose overall objective was to promote international trade by removing or removing trade barriers, such as tariffs or quotas. According to its preamble, its objective was to “substantially reduce tariffs and other trade barriers and eliminate mutually beneficial and reciprocal preferences.” Articles XXII and XXIII of the 1994 GATT, as developed and applied in the dispute settlement agreement, can be used for measures that undermine their compliance by regional or local authorities or public authorities in a member`s territory. When the dispute resolution body decided that a 1994 GATT provision had not been complied with, the appropriate member took appropriate measures to ensure compliance. The provisions relating to the compensation and suspension of concessions or other obligations apply in cases where such compliance has not been possible. c) (i) The text of GATT1994 is authentic in English, French and Spanish. Customs unions and elements of free trade zones regularly report to the Goods Trade Council, as provided for by the contracting PARTIES at the 1947 GATT in their instruction to the 1947 GATT Council on Regional Agreement Reports (BISD 18S/38) on the functioning of the agreement in question. Any substantial changes and/or developments in the agreements should be notified as soon as they occur.

Following the UK`s vote to leave the European Union, proponents of leaving the European Union proposed that Article 24, paragraph 5B of the treaty could be used to maintain a “stalemate” in trade conditions between the UK and the EU if the UK left the EU without a trade deal, thereby preventing the imposition of tariffs.