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).

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Kothari is one of the founding members and directors of the Jain International Trade Organisation (JITO).
The third, the International Trade Organisation, endorsed in the 1946 Havana Charter to promote 'full employment' and 'make finance the servant, not the master of human desires internationally', was stillborn.
Our investment in RandD has trebled in the recent years and our expenditure in RandD is better than UK, France, Sweden, Denmark, Russia, Australia, Israel and Canada," he said while addressing the members of the Hyderabad chapter of the Jain International Trade Organisation (JITO) in Hyderabad.
But most agree that a successful outcome in Bali is essential for the future of the international trade organisation. "We are closer than ever before to the first tangible results of the long-running Doha Round.
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.
He claims the European Commission, anxious to avoid a reprimand from the International Trade Organisation (WTO), is keen to show the organisation that the Union is determined not to bar the way to GMOs and will lift the de facto moratorium imposed on all fresh authorisations for GMOs on the Community market.
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.
The foreign minister said at present, Bangladeshi missions abroad have given importance on the increase of trade and investment in the country maintaining relations with the governments, international agencies and international trade organisations. Bangladesh is signing and ratifying agreements on trade and investment with different countries, he said.

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