The General Agreement on Trade in Services (GATS) is a treaty of the World Trade Organization (WTO) that entered into force in January 1995 as a result of the Uruguay Round negotiations. The treaty was created to extend the multilateral trading system to service sector, in the same way the General Agreement on Tariffs and Trade (GATT) provides such a system for merchandise trade.
All members of the WTO are signatories to the GATS. The basic WTO principle of most favoured nation (MFN) applies to GATS as well. However, upon accession, Members may introduce temporary exemptions to this rule.
Read more about General Agreement On Trade In Services: Historical Background, Four Modes of Supply, Sectors Addressed, Criticisms
Famous quotes containing the words general, agreement, trade and/or services:
“The man who would change the name of Arkansas is the original, iron-jawed, brass-mouthed, copper-bellied corpse-maker from the wilds of the Ozarks! He is the man they call Sudden Death and General Desolation! Sired by a hurricane, dam’d by an earthquake, half-brother to the cholera, nearly related to the smallpox on his mother’s side!”
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“Culture is the tacit agreement to let the means of subsistence disappear behind the purpose of existence. Civilization is the subordination of the latter to the former.”
—Karl Kraus (1874–1936)
“Whatever trade one is in, one will find some fault with it.”
—Chinese proverb.
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—Harriet Beecher Stowe (1811–1896)