A Developing Country’s Perspective of the International Trade System

Wontack Hong
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Wontack Hong: Seoul University

Chapter 5 in International Finance and Trade in a Polycentric World, 1988, pp 102-119 from Palgrave Macmillan

Abstract: Abstract The GATT emerged in 1947 to provide basic rules for the multilateral trade system and to provide a forum in which member countries could negotiate to resolve trade disputes. The central purpose of the GATT was to reduce tariff barriers on manufactured products among developed countries through negotiation, and the keystone of the GATT trade rules was the principle of non-discrimination, called MFN (Unconditional Most-Favoured-Nation Treatment).1 The MFN approach allows developing countries to share in the benefits of trade liberalisation in developed countries without reciprocity.

Keywords: Domestic Industry; Export Subsidy; Trade Negotiation; Voluntary Export Restraint; Cold Roll Steel Sheet (search for similar items in EconPapers)
Date: 1988
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DOI: 10.1007/978-1-349-09745-6_5

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