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Economic Perspectives, Vol. 27, 4th, No. 4, November 2003
An introduction to the WTO and GATT
This article reviews the history of GATT and the WTO. It discusses the founding principles of the post-WW II world trading system—reciprocity and nondiscrimination. Lastly, the article reviews the economics literature on regional trade agreements and administered protection, two important exceptions to GATT’s requirement for nondiscrimination in trade policy.
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