Were Gatts principals fair to all

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After the Second World War , there were many organizations that were formed to take care of different interests , mostly political and economical . The General Agreement on Trade and Tariffs (GATT ) was one such organization that was formed in 1947 to protect and trade between member countries (Bagwell Staiger , 2002 . The major aim of the organization was to look at the tariffs and restrictions that affected trade among the member countries and how to harmonise them . To ensure that the objectives of GATT were

achieved , the members laid down some principles that were to be followed by all members and be guidance in all their activities . The principles formed the basis for the GATT agreements . Hence , it was not right for any member country to come up with policies that were contrary to the agreed principles

The Most Favoured Nation (MFN ) is one major principle that was to be observed by the member countries . This was the first principle that was passed to guide trade . This principle says that no member country should discriminate another member in trade . If a member gives a favour to another (for instance , lowering the customs duty , then this has to be applied to all other members . Furthermore , in this principle , it means that goods or services from one member country is treated no differently from goods or services from another country . In addition , when the goods of a foreign country are in another 's domestic market , they have to be...