Key difference between GATT and WTO

a) The GATT was ad hoc and provisional. It was never ratified by members' parliaments, and it contained no provisions for the creation of an International Organization. While, the WTO and its agreements are permanent. As an international organization, it has a sound legal basis because members have ratified the WTO agreements, and the agreements themselves describe how the WTO will be functioning to promote trade.

b) The WTO has members while, the signatories to the GATT were called "contracting parties"

c) The GATT dealt with trade in goods only, while, the WTO covers services as well as intellectual property.

d) The WTO has a more effective settling system.

Who is entitled to Special and Differential Treatment?

A: The special needs of developing country members and in particular the least developed country members are to be taken into account. The phased introduction of new SPS measures and longer time frame for compliance are to be accorded on products of interest to developing country members.

What is bound tariff?

The Bound tariff rate is the most-favored-nation tariff rate resulting from negotiations under the General Agreement on Tariffs and Trade (GATT) and incorporated as an integral component of a country's schedule of concessions or commitments to other World Trade Organization members.

Michael Porter model

Generalized factors derive their name from the feature that they could be deployed in a wide range of industries. Specialized factors, on the other hand, are characterized by a narrow field of application due to a high degree of customization to the needs of a particular industry. Compared to the generalized factors, specialized factors require more focused, and often riskier, private and social investment

Basic factors are passively inherited, that is, their creation requires relatively modest or unsophisticated private and social investment. They can include natural resources, climate, location, unskilled or semi-skilled labor, and debt capital. Unlike them, advanced factors which can comprise highly educated personnel, modern digital data communications infrastructure, etc