Analyse the differences between GATT and WTO.

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> [!TLDR]
> GATT was a 1948 provisional agreement dealing mainly with trade in goods and had weak, non-binding dispute settlement. The WTO, established in 1995, is a permanent world-trade organisation covering goods, services and intellectual property, with a strong, binding dispute-settlement system.
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> ## Differences between GATT and WTO
> | Basis | GATT | WTO |
> | --- | --- | --- |
> | Nature | A provisional agreement, not a formal organisation | A permanent international organisation |
> | Year | Came into force in 1948 | Established on 1 January 1995 |
> | Scope | Dealt mainly with trade in goods | Covers goods, services (GATS) and intellectual property (TRIPS) |
> | Membership | Members were called 'contracting parties' | Members are full members with rights and duties |
> | Dispute settlement | Slow and weak, decisions not binding | Faster, rule-based and binding dispute-settlement mechanism |
> | Legal status | Rules applied on a provisional basis | Commitments are full and permanent | …

Q.Analyse the differences between GATT and WTO.

Concept understanding — New Industrial Policy, 1991 (Liberalisation)

Differences between GATT and WTO

Basis	GATT	WTO
Nature	A provisional agreement, not a formal organisation	A permanent international organisation
Year	Came into force in 1948	Established on 1 January 1995
Scope	Dealt mainly with trade in goods	Covers goods, services (GATS) and intellectual property (TRIPS)
Membership	Members were called 'contracting parties'	Members are full members with rights and duties
Dispute settlement	Slow and weak, decisions not binding	Faster, rule-based and binding dispute-settlement mechanism
Legal status	Rules applied on a provisional basis	Commitments are full and permanent

Q.Analyse the differences between GATT and WTO.

Differences between GATT and WTO

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