What is the main purpose of GATS?
Similar in principle to the General Agreement on Tariffs and Trade (GATT), which deals with trade in goods, the GATS has two primary objectives: first, to ensure that all signatories are treated equitably when accessing foreign markets; and second, to promote progressive liberalization of trade in services (over time.
What is the difference between GATT and GATS?
The General Agreement on Tariffs and Trade (GATT) is the central WTO agreement covering goods trade, while the General Agreement on Trade in Services (GATS) is the WTO agreement covering services trade.
What is GATT and its purpose?
The General Agreement on Tariffs and Trade (GATT), signed on October 30, 1947, by 23 countries, was a legal agreement minimizing barriers to international trade by eliminating or reducing quotas, tariffs, and subsidies while preserving significant regulations.
What is TBT and SPS?
SPS Sanitary and phytosanitary measures, as defined by the WTO Agreement on the Application of Sanitary and Phytosanitary Measures. TBT Technical barriers to trade, as covered by the WTO Agreement on Technical Barriers to Trade.
What are the four modes of GATS?
The GATS defines trade in services as the supply of a service through any of the four modes of supply: cross border, consumption abroad, commercial presence, and the presence of natural persons.
What are the basic obligations under the GATS?
The GATS was inspired by essentially the same objectives as its counterpart in merchandise trade, the General Agreement on Tariffs and Trade (GATT): creating a credible and reliable system of international trade rules; ensuring fair and equitable treatment of all participants (principle of non-discrimination); …
What is the role of GATS in India?
GATS recognizes the right of members to regulate, and to introduce new regulations on the supply of services within their territories in order to meet national policy objectives. Such legitimate objectives could include quality of service, safety of consumers, code of conduct etc.
Is GATT and WTO same?
GATT refers to an international multilateral treaty, signed by 23 nations to promote international trade and remove cross-country trade barriers. On the contrary, WTO is a global body, which superseded GATT and deals with the rules of international trade between member nations.
What are the rules of GATT?
GATT rules required that any member country give all members the same privileges regarding tariffs and other commercial policy measures that it gave to the most favoured nation (MFN) with which it negotiated. This was known as the MFN principle. It was established to remove trade discrimination.
What is an SPS check?
Sanitary and phytosanitary (SPS) measures are measures to protect humans, animals, and plants from diseases, pests, or contaminants.
What are TBT measures?
The Technical Barriers to Trade (TBT) Agreement aims to ensure that technical regulations, standards, and conformity assessment procedures are non-discriminatory and do not create unnecessary obstacles to trade.
Is India a part of GATS?
India has been a WTO member since 1 January 1995 and a member of GATT since 8 July 1948.
