Research Paper on:
WTO and GATT

Unformatted Sample Text from the Research Paper:
two bodies in the Bretton Woods system. After the second war, the United States and the United Kingdom submitted proposals to the Economic and Social Council (ECOSOC) of the United  Nations asking for an international trade body and suggested that it be called the International Trade Organization (ITO) (Georgetown University Law Library, 2001). In 1946, the ECOSOC convened a conference  called the United Nations Conference on Trade and Employment to discuss the establishment of the ITO (Georgetown University Law Library, 2001). The 23 countries who were going to be part  of the original GATT did not want to wait for the conference to complete its work before international trade became more liberalized and so, these 23 began negotiating issues like  tariffs (Georgetown University Law Library, 2001; Iowa State University, nd). The results of the negotiation were incorporated into the GATT, which was subsequently signed in 1947 (Georgetown University Law Library,  2001). The ITO Charter was meant to accomplish several goals: to provide world trade disciplines, to include rules about employment, agreements regarding commodities, rules about business practices and international  investment practices (Iowa State University, nd). Protectionism had led to extremely high tariffs during the decades prior to the War. This Charter was to correct that situation and open trade  more between and among the member countries (Iowa State University, nd). The first round of negotiations were successful - 45,000 tariff concessions were made among the countries (Iowa State University,  nd). These affected one-fifth of the entire world trade at the time (Iowa State University, nd). The nations who had met also decided these concessions should be protected and these  did become a part of the GATT when it was finalized (Iowa State University, nd). The original nations thought that the General Agreement would become part of the ITO