In this part I’m going to show you two important information of GATT they are the Relationship between GATT and China and the Limit of GATT
First let’s see the relationship between GATT and China
At the time 1948 China signed the contract with GATT and became one of the 23 members of GATT But at that time the political power of china is unstable so did the relationship between china and Taiwan
Then in 1950 without any agreement of china governmentTaiwan decided to quit GATT and became an observer
In 1971 GATT even cancelled Taiwan’s observer status china became out of GATT
But with the great development after china implement opening economy policy china’s economy become closer and closer to the world In accelerating the development china decided to make application for restoring the contract states status in 1986 But it never be an easy way After the application GATT built a working party for china issue and start a long negotiation with china GATT list a lot of requirements and standards that they thought china can not reach Look at the checklist posts on the elibrary of Stanford University the negotiation seem to be a long and difficult way
This negotiation ended in 2001 when china became the member of WTO successfully
Now let’s go to the second aspect the limit of GATT
As it is mentioned before GATT is a temporary organization not a formal one so there are many limit of it Here I would like to introduce 5 main limits
First Lack of legal constraints necessary inspection and supervision For example a country selling products with low price and damage the industry of another country called dumping Some countries distort the meaning of dumping to levy illegal tariff This limit make it hard to arbitrate which country is right
The second limit is that Gray Area makes many rules difficult to implementGray Area means some contract states works on the edge even out of rules which damage the trade policy and authority of GATT
Third GATT discriminate some central plan economy countries such as China
Fourth the dispute settlement mechanism is not sound Though GATT built a settlement for international commercial dispute the only means for the settlement is conciliation and it is not effective
The last one some behaviors obey free trade principle For example the long term existence of textile quota and farm products allowance
It is all the limits in GATT that made this temporary organization replaced by WTO at last
That is all of our presentation thanks for attention
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