What is the difference between GATT & WTO?

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The WTO is not an extension of the GATT but succession to the GATT. It completely replaces GATT and has a very different character. The major differences between the two are: 1. The GATT had no status whereas the WTO has a legal status. It has been created a by international treaty ratified by governments and legislatures of member states. 2. The GATT was a set of rules and procedures relating to multilateral agreements of selective nature. There were separate agreements on separate issues, which were not binding on members. Any member could stay out of the agreement. The agreements, which form part of the WTO, are permanent and binding on all members. 3. The GATT dispute settlement system was dilatory and not binding on the parties to the dispute. The WTO dispute settlement mechanism is faster and binding on all parties. 4. GATT was a forum where the member countries met once in a decade to discuss and solve world trade problems. The WTO, on the other hand, is a properly established ...
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