Last year increased by 10 per cent. Under no circumstances can a member`s liability for compensation exceed the liability of a member resulting from a complete withdrawal of the concession. Notwithstanding Article I of the general agreement, the parties can give developing countries more differentiated and favourable treatment[1] without giving such treatment to other parties. Concessions and contributions, as well as commitments made by developed and less developed parties in accordance with the provisions of the general agreement, should promote the fundamental objectives of the agreement, including those set out in the preamble and Article XXXVI. Less developed parties expect their ability to contribute or negotiate concessions or to take other agreed-upon measures under the provisions and procedures of the General Agreement to improve with the gradual development of their economies and improve their trade situation, and therefore expect to participate more in the framework of rights and obligations arising from the general agreement. Facilitating and promoting trade in developing countries and not creating unjustified barriers or difficulties to trade by other parties; There are several situations in which countries may violate GATT`s non-discrimination principles and previous commitments, such as customs commitments. These would be authorized exceptions which, if implemented in accordance with the guidelines, are sanctioned by the gatt or by the legality of the GATT. The main exceptions are trade and free trade certificates. Unlike the ITO charter, the GATT did not need congressional approval. Technically, the GATT was a 1934 agreement, in accordance with the provisions of the U.S. Reciprocal Trade Act. The goal of the GATT was to eliminate harmful trade protectionism. Trade protectionism probably contributed to the 66% reduction in world trade during the Great Depression.
The GATT helped restore the world`s economic health after the ravages of depression and World War II. Transparency: GATS members are required, among other things, to publish all measures of general application and to set up national investigative bodies to respond to requests for information from other members. Perhaps the most important free trade area, implemented over the last fifty years, was the European Economic Community, established in 1960 by the main countries of Western Europe and which eventually led to the creation of the European Union in 1993.