The Practice Of Trade Before Gatt Essay - 1982 Words

2.1 Practice of trade before GATT The history of GATT discussions and the present WTO are the birth right of commitments that the countries have voluntarily agreed with each other. To appreciate the foundation of the present blueprint of import protection across WTO member countries in addition to products and industries within those countries, it is important to turn to the past. Western Europe after the World War-I was caught up with economic instability and disparity of the economic recovery following the World War-II was more evident in the context of international trade relations. Economic reconstruction after the World War-I was deficient in institutional machinery to make possible the reduction of trade barriers that has arisen during the war and had become well-established thereafter. The European countries had faced political weaknesses and it was reflected in trade policies which was evident with the proposal of â€Å"equality of trade conditions† in draft League of Nations was discarded in favour of a the provision for the â€Å"equitable treatment.† The World Economic Conference held in 1927 found it indispensible to call upon the governments to do away with maritime controls on trade, which incorporated, licensing requirements, import quotas and foreign exchange controls. After over a decade of its formation, the League of Nations had nevertheless had yet to sponsor any negotiations on liberalizing world trade from high tariffs, and the commencement of the depressionShow MoreRelatedU.s. 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