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The economists Harry White (left) and John Maynard Keynes at the Bretton Woods Conference [27]. The WTO precursor General Agreement on Tariffs and Trade (GATT) was established by a multilateral treaty of 23 countries in 1947 after World War II in the wake of other new multilateral institutions dedicated to international economic cooperation—such as the World Bank (founded 1944) and the ...
Ngozi Okonjo-Iweala GCON (/ ə ŋ ˈ ɡ oʊ z i ə ˈ k oʊ n dʒ oʊ ɪ ˈ w eɪ l ə / ⓘ; born 13 June 1954 [2]) is a Nigerian economist, [3] [4] [5] [6] who has ...
The World Trade Organization (WTO) is an intergovernmental organization which regulates international trade. The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement , signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948. [ 2 ]
March 1948 - Charter of the ITO signed but US Congress rejects it, leaving GATT as the only international instrument governing world trade. 1949 - Second GATT Round of trade talks held at Annecy, France. 1950 - Third GATT Round held in Torquay, England. 1956 - The Geneva Round completed in May 1956, resulting in $2.5 billion in tariff reductions.
The inaugural ministerial conference was held in Singapore in 1996. Its primary purpose was to initiate an international effort among global trading nations to overhaul the structure and mechanisms of the General Agreement on Tariffs and Trade (GATT) while preserving the considerable progress and success achieved by that system since its inception in 1948.
The International Trade Organization (ITO) was the proposed name for an international institution for the regulation of trade. Led by the United States in collaboration with allies, the effort to form the organization from 1945 to 1948, with the successful passing of the Havana Charter, eventually failed due to lack of approval by the US Congress.
World Trade Organization: 164 Geneva, Switzerland European Union: 27 Brussels, Belgium Organisation of Petroleum exporting countries (OPEC) 14 Vienna, Austria South Asian Association for Regional Co-operation (SAARC) 8 Kathmandu, Nepal Association of South East Asian Nations (ASEAN) 10 Jakarta, Indonesia Asia-Pacific Economic Cooperation (APEC) 21
The original members of the World Trade Organization are the parties to the General Agreement on Tariffs and Trade (GATT) after ratifying the Uruguay Round Agreements, [1] and the European Communities. They obtained this status at the entry into force on 1 January 1995 or upon their date of ratification.