GATT General Agreement on Tariffs Term Paper

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Import quotas were found discriminatory in nature since most of the home furnishings material was coming from developing countries like Pakistan. However these quotas later phased out which resulted in the acceptance by third world countries of such issues as intellectual property, services and investments. According to new reports, textiles account for 9.1% of total manufactured goods exports and they form 6.5% of total merchandise exported. This makes textiles a huge sector and therefore trade barriers seriously hurt the growth of this sector and also of the country manufacturing these goods. Import quotas had been imposed on developed countries, which severely hampered their ability to import from developing countries, thus hurting fair trade principles. However in 1995, it was decided that these quotas would have to be removed in four stages ending in 2005.

The flexible nature of removal strategy means countries could remove quotas and restrictions on limited products in the beginning.

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However the ten-year plan was meant to integrate the sector into GATT system completely. It is important to understand that the main purpose of GATT was removal of barriers and fostering free trade. If this purpose was not being followed even if one sector, it meant the entire GATT system was discriminatory. The textile sector along with agriculture sector suffered under the GATT system for the longest time. They are now beginning to emerge from under the shadows of discriminatory policies and the growth of this industry will improve significant with the removal of barriers and reduction in tariffs......

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