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Origins of World Trade Organization

Negotiations for an international trade organization began in 1946 in London at the initiative of the United States. In 1947, negotiations continued in Geneva and led to the formation of GATT to reduce trade barriers. An agreement was reached in 1948 to establish the ITO charter in Havana, but the United States Congress refused to approve it, preventing the ITO from being established. GATT transformed into a de facto international organization in the 1950s as the only existing multilateral institution for trade. After negotiations from 1986-1993 known as the Uruguay Round, the WTO agreement was signed in 1994 and entered into force in 1995, establishing the World Trade Organization.

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35 views

Origins of World Trade Organization

Negotiations for an international trade organization began in 1946 in London at the initiative of the United States. In 1947, negotiations continued in Geneva and led to the formation of GATT to reduce trade barriers. An agreement was reached in 1948 to establish the ITO charter in Havana, but the United States Congress refused to approve it, preventing the ITO from being established. GATT transformed into a de facto international organization in the 1950s as the only existing multilateral institution for trade. After negotiations from 1986-1993 known as the Uruguay Round, the WTO agreement was signed in 1994 and entered into force in 1995, establishing the World Trade Organization.

Uploaded by

Bryan Manlapig
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Origins of World Trade Organization

1946​ - Negotiations were started in London at the initiative of the United States on the
establishment of an internal organization for trade.

1947​ - The negotiations on the Charter of the International Trade Organization


(the “ITO”) were continued in Geneva. General Agreement on Tariffs and Trade or GATT was
formed in Geneva, GATT served as a forum to reduce trade barriers.

1948 ​- Agreement was reached on the ITO Charter in Havana. However, in the following years
the United States Congress refused to approve the Charter and consequently the ITO was
never established.

The demise of the ITO left an important gap in the Bretton Woods structure of international
economic institutions.

The Bretton Woods system was the first system used to control the value of money between
different countries. It meant that each country had to have a monetary policy that kept the
exchange rate of its currency within a fixed value—plus or minus one percent—in terms of gold.

1950s​ - GATT was still used because it is the only existing multilateral institution available. It
transformed itself into a ​de facto ​international organization. However, GATT was only concerned
with trade in goods.
Uruguay Round Negotitations (1986 - 1993)

1986 ​- GATT Contracting Parties decided in Punta del Este, Uruguay, to start a new round of
negotiations on the further liberalization of international trade. It now included trade in services,
trade of agricultural products, and trade in textiles.

1990 ​- First proposals for the establishment of a new international trade organization were
tabled by Canada and the European Community.

1991 ​- A joint proposal by Canada, the European Community and Mexico was made. However,
the United States objected to the establishment of a new international trade organization.

1992 ​- Most developing countries became convinced of the appropriateness and the timeliness
of a new international trade organization

1993 ​- The United States finally agreed to the establishment of a new organization.
- The Uruguay Round was finally concluded successfully in Geneva in December 1993.
1994 ​- The Agreement Establishing the World Trade Organization was signed in Marrakesh,
Morocco.

1995 ​- The WTO Agreement entered into force and the WTO became operational.

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