International Trade Organization

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International Trade Organization

Prior to World War II, many countries employed "beggar thy neighbor" trade policies, raising tariffs and instituting non-tariff barriers that impeded imports in an attempt to reduce unemployment and increase domestic output. However, other countries retaliated by raising their own barriers against imports. This resulted in reducing export markets, which then only worsened the already poor economic conditions. The problems created by such policies led United States to propose that a new international trade organization be established to regulate trade policies and settle disputes between trading partners. Under the U.S. proposal, the International Trade Organization (ITO) was to be a specialized agency of the United Nations and was to have several broad functions: promoting the growth of trade by eliminating or reducing tariffs or other barriers to trade; regulating restrictive business practices hampering trade; regulating international commodity agreements; assisting economic development and reconstruction; and settling disputes among member nations regarding harmful trade policies. Negotiations to establish the ITO began in Geneva, Switzerland, in 1947, with a more complete charter being drafted later in Havana, Cuba. Opposition to the charter of the ITO soon emerged, especially in the U.S. Congress. Subsequently, President harry truman's administration withdrew its support for the ITO, and interest in the ITO faded. The void left by the collapse of the ITO has been filled by other institutions, like the General Agreement on Tariffs and Trade (GATT), the World Bank, and the United Nations Conference on Trade and Development (UNCTAD).

References in periodicals archive ?
Seven international trade organisation pavilions are also on hand: the Antwerp World Diamond Centre, the Israel Diamond Institute, the Israel Export & International Cooperation Institute, the International Colored Gemstone Association, the Japan Jewellery Association, the Japan Pearl Exporters' Association and the Platinum Guild International.
Though the WTO was only established in 1995, the trading system over which it presides is nearly 50 years older, in the shape of the GATT, which came into being in 1947 after the original idea of creating an international trade organisation alongside the Bretton Woods institutions in 1944 had been jettisoned by the powerful countries (see story on p16).
Exhibitors from Cyprus, Lebanon and Peru will be participating for the first time, alongside 17 group pavilions and seven international trade organisation pavilions.
Mr Nic Garnett, director-general of the music industry's international trade organisation IFPI, told the news conference: "Piracy is the biggest threat to the future of the recording industry and it will spread wherever there is weak legislation, unprotected technologies and lucrative revenues for the pirates.
Seventeen group pavilions will take part, as well as seven international trade organisation pavilions.
Ayesha Al Kobaisi, director of International Trade Organisations Department and the Project Manager for Global Trade Development Week from the Ministry of Economy, said: "This forum presents an interactive platform for government, business, academic and industry thought leaders to collaborate discuss and share best practice.
Speaking at the same event, the minister of commerce, industry and investment, Garang Diing Akuong, said the aim of the workshop was to brainstorm ideas on how South Sudan should integrate into the regional and international trade organisations.
They should also be accredited by international trade organisations such as the EC-Council and International Information Systems Security Certification Consortium (ISC)," advices Rodriguez.
The importance of the MEOS series has also been recognised by four international trade organisations, who have selected the exhibition as a crucial venue to introduce foreign oil and gas companies to the Middle East.
The subject was how the attitudes and actions of large companies and international trade organisations contribute, or otherwise, to world poverty reduction and human development.
The international trade support arm of the National Assembly is bringing all the international trade organisations under one roof to raise awareness of the help available to Welsh businesses.

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