Question

3. Explain the factors in favor of an open trading system based on multilaterally agreed rules. ABC 4. What are the successes and challenges that the General Agreement of Tariffs and Trade (GATT) faced during its existence? 5. What are the temptations or possible reasons to impose protective barriers with the idea of preventing the challenge of competitive imports? 11. #10 255 1# F O E E + 110%
3 4 5 need help thx you so much

Answer 1

3.

There are different factors in favor of it. The first factor is the standardization of open trade rules that have to be followed by the countries, participating in multilateral agreements. The second factor is the building of international trade environment and globalization while sharing the benefits from each other. It helped countries to open up and participate in international trade. The third factor is the amicable discussion and resolution regarding the trade related issues. The rules as mentioned, facilitate the dialogue and provide a platform that is used to convey and get it resolved. The fourth factor is the international cooperation and strategic alliances as nations now started knowing each other and got opportunities for each other. It formed international alliances in different dimensions as well.

4.

The successes are the bringing nations on one platform to facilitate international trade, building global trading rules, increased attention on liberalization and globalization and helping nations open up and ready for the trade among the others. But, GATT also faced some challenges. The first challenge was that GATT favored developed nations and it did not care much about the poor nations. The second challenge was lack of stat-ut-ory authority to enforce the ruling upon any country as GATT lacked any such authority.  The third challenge was the presence of suspicion and ambiguity in the work of GATT as thought by those nations who were still opening up for the trade.

So, above are some of the success and challenges for the GATT.

Pl. repost other unanswered questions for their proper answers!