Suppose That The North American Free Trade Agreement Quizlet

The fundamental pillar of GATT, enshrined in Article I, is the most-favoured-nation clause, which obliges all signatories to accord to all members the same trade treatment accorded to each member. For the original architects of the post-war GATT system, bilateral agreements were an abomination. They believed that the network of special agreements woven by Germany, Britain and Japan after World War I had contributed to the political tensions that fueled World War II. In addition, they considered that bilateral or regional agreements were generally more detrimental to non-members than to members. As a result, GATT sought to ensure that trade rules and benefits apply equally to all members. It has also set out a framework for agricultural rules, although they have not significantly liberalised existing practices. .

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