A mini-thesis submitted in partial fulfilment of the requirements for the degree of Master of Laws (LLM) in International Trade, Investment and Business Law
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Date
2024
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University of the Western Cape
Abstract
The global trade landscape has seen increased interdependence among countries, leading to increased bilateral relations. This has underscored the necessity for an entity to oversee and regulate countries' trade activities. As a result, the World Trade Organisation WTO was established in 1994, superseding the General Agreement on Tariffs and Trade (GATT) formed in 1947 during the Uruguay Round the WTO governs global trade with a membership of over 164 since 29 July 2016,1 the WTO facilitates smooth trade by eliminating barriers and promoting import and export agreements between nations. The GATT 1994 permits members to establish Preferential Trade Agreements (PTAs), such as customs unions and free-trade areas, as an exception to the principle of non-discrimination.2 In pursuit of fair trade, WTO members introduced the concept of anti-dumping, countervailing and the safeguard measures.3 Together, these measures, known as trade remedies, were implemented during the Uruguay Round. The WTO safely regulate the use of these trade remedies through the Agreement on Anti-Dumping and Countervailing, Subsidies, and Safeguard agreements. Therefore, within the context of trade liberalisation, industries may be susceptible to unfair trade practices or heightened competition from imported goods, potentially resulting in detrimental effects on domestic businesses, industries and market, thus, trade remedies serve as pivotal tools utilised by governments to intervene strategically, aiming to safeguard employment opportunities and stimulate investments within the economy.
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GATT, WTO, Tanzania, Trade Remedies, Safeguard Measures