There is agreement that the provisions of Article I provide that, when re-exporting a product imported at a preferential rate into the territory of another region of association or free trade in the territory of another Member of the Union or territory, that Member should levy a duty equal to the difference between the duty already paid and any higher duty, that would be payable. when the product has been imported directly into its territory. The Uruguay Round aims to reduce import duties by a third, reduce protection for agriculture and textiles, and ease restrictions on international trade in services such as banking and insurance. These reforms are expected to increase the global economy by $200 billion a year. Measures taken by India and Pakistan to implement definitive trade agreements between them, once they have been agreed, could derogate from certain provisions of this Agreement, but such measures would generally be consistent with the objectives of the Agreement. Article 24 of the GATT forms the basis of a customs union or free trade agreement for two or more territories. It also provides for an interim agreement necessary for the creation of a customs union or a free trade area. When the Dillon Round took place in the laborious process of individual negotiations on customs duties, it became clear well before the end of the Round that a more comprehensive approach was needed to address the challenges arose from the creation of the European Economic Community (EEC) and EFTA, as well as the rebirth of Europe as an important international trader in general. At the same time, 15 countries focused on negotiating a simple trade agreement. They agreed on the elimination of trade restrictions on $10 billion worth of trade, or one-fifth of the global total.
A total of 23 countries signed the GATT Agreement on 30 October 1947, paving the way for its entry into force on 30 June 1948. General Agreement on Trade in Services, art. V, available at www.wto.org/english/docs_e/legal_e/26-gats.pdf [hereinafter the GATS] (which states that the GATS `shall not prevent any of its members from being a party to an agreement liberalising trade in services between or between the parties to such an agreement or from concluding an agreement.`). The trade agreement database provided by ITC`s Market Access Card. Given that hundreds of free trade agreements are currently in force and are under negotiation (around 800 according to ITC`s Rules of Origin Facilitator, including non-reciprocal trade agreements), it is important for businesses and policymakers to keep an eye on their status. . . .