What is the most important legal document governing the global trading system?
The most important legal document governing the global trading system is the General Agreement on Tariffs and Trade (GATT). GATT is an international treaty which is signed by over 120 countries, including the United States and New Hampshire. GATT is used to regulate tariffs and international trade across the world. It establishes a common set of rules that ensure free and fair trade between nations. GATT sets out the legal obligations of members, not only for the duties they impose on imported and exported goods, but also for domestic policies which affect trade. GATT also contains provisions on safeguarding certain national industries and on hiring foreign labor. GATT also sets out several other legal provisions related to trade among countries, such as intellectual property rights, dispute settlement, and anti-dumping measures. GATT is the most important legal document governing the global trading system because it provides a secure, predictable, and transparent trading environment where nations can freely engage in trading without fear of interference or unfair trading practices. The rules of GATT also provide a level playing field that ensures a fair and equitable trading system. For these reasons, GATT has been the cornerstone of the world trading system since its establishment in 1948.
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