Following the UK`s vote to leave the EU, supporters of leaving the EU have proposed that Article 24(5B) of the treaty could be used to maintain a “halt” in trade conditions between the UK and the EU if the UK leaves the EU without a trade deal, thus preventing the introduction of tariffs. According to proponents of this approach, it could be used to implement an interim agreement until a final agreement of up to ten years is negotiated. [25] The General Agreement on Tariffs and Trade (GATT), signed on October 30, 1947 by 23 countries, was a legislative agreement that minimized barriers to international trade by eliminating or reducing quotas, tariffs and subsidies, while maintaining important rules. GATT is expected to stimulate economic recovery after the Second World War through the reconstruction and liberalization of world trade. It is true that there were alternative clauses allowing countries to negotiate waivers when their domestic producers were particularly harmed by tariff reductions. Average tariffs for the main GATT participants were about 22% in 1947 and 5% after the Uruguay Round in 1999. [4] Experts attribute some of these customs changes to GATT and the WTO. [5] [6] [7] The average tariffs of the major GATT participants were about 22% in 1947. [4] Following the first rounds of negotiations, tariffs within the GATT core of the United States, the United Kingdom, Canada and Australia were reduced compared to other contracting parties and non-GATT participants. [4] In the Kennedy Round (1962-67), the average level of tariffs of GATT participants was about 15%. [4] After the Uruguay Round, tariffs were below 5%. [4] The GATT was created in 1947 with a treaty signed by 23 countries and became international law on 1 January 1948.
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