Review article
GATT, WTO AND (DE)REGULATION OF FINANCIAL SERVICE MARKET
Luka Brkić
; Faculty of Political Science, University of Zagreb, Zagreb, Croatia
Abstract
In every country the WTO rules should be viewed from two perspectives. First, they are used to facilitate access to other countries’ markets and second, the mechanisms for the protection of a country’s economy (which make up the bulk of the WTO regulations) are used for the justified and unjustified protection of a country’s economy. The author analyses GATT’s basic norms and the Urugvay round of multilateral trade negotiations, with the focus on the sector-accommodation policy, using financial services as an illustration. The creation of WTO disposed of some shortcomings noticeable in GATT, e.g. the temporary character of the regulations, the stable and predictable set of obstacles for the exports at the borders or the objective procedure for dispute resolution. The implementation of the Urugvay session which includes the GATT, all WTO member-states are obliged to adopt the multilateral discipline and the rules and to bring the national regulations in line with the accepted obligations. The author concludes that the outcomes of the Urugvay session enhanced the role of world trade as a dynamizing factor of the growth of world economy.
Keywords
Hrčak ID:
24995
URI
Publication date:
10.3.2001.
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