Muslim Empire in Spain
CHAPTER THREE
3.0 HISTORY AND EVOLUTION OF THE MULTELATERAL TRADING SYSTEM
By the end of World War II [1939-1945], the World was in total political and social-economic disorder. It quickly occurred to the major powers that there was urgent need to establish and build institutions to assume global governance. The United Nations [UN] was founded on the belief that there was need for collective action at the global level to cause and guarantee political stability. In the same belief the International Monetary Fund [IMF] was conceived to ensure fiscical and monetary stability while the International Bank for Reconstruction and Development [IBRD] (commonly referred to as the World Bank) had to finance reconstruction and development worldwide. The latter two were established by the Bretons woods Agreement and came to be commonly known as the Briton woods Institutions. Having established the World Bank in 1944 and the IMF in 1945, the idea of constructing an International trading system based on ‘free-trade’ was brought to the forefront. The third pillar of the post-war international economic system was therefore proposed to be the International Trade Organization [ITO]. The ITO was to be embodied in the Havana Charter, which included many other provisions with a comprehensive mandate and programme. The US Senate rejected the Havana Charter and it did not come into effect and therefore the ITO was not established. However, the provisions relating to tariffs and other matters on import and export had been finalized earlier in the preparatory process for the Havana Conference. These provisions were contained in the General Agreement on Tariffs and Trade [GATT], which was given effect through a Protocol of Provisional Application, and the GATT came into operation provisionally from 1 January 1948. Since then, the GATT continued until December 1994, after which it was annexed to the Marrakech Agreement establishing the WTO and it became part of GATT 1994. The main
3.0 HISTORY AND EVOLUTION OF THE MULTELATERAL TRADING SYSTEM
By the end of World War II [1939-1945], the World was in total political and social-economic disorder. It quickly occurred to the major powers that there was urgent need to establish and build institutions to assume global governance. The United Nations [UN] was founded on the belief that there was need for collective action at the global level to cause and guarantee political stability. In the same belief the International Monetary Fund [IMF] was conceived to ensure fiscical and monetary stability while the International Bank for Reconstruction and Development [IBRD] (commonly referred to as the World Bank) had to finance reconstruction and development worldwide. The latter two were established by the Bretons woods Agreement and came to be commonly known as the Briton woods Institutions. Having established the World Bank in 1944 and the IMF in 1945, the idea of constructing an International trading system based on ‘free-trade’ was brought to the forefront. The third pillar of the post-war international economic system was therefore proposed to be the International Trade Organization [ITO]. The ITO was to be embodied in the Havana Charter, which included many other provisions with a comprehensive mandate and programme. The US Senate rejected the Havana Charter and it did not come into effect and therefore the ITO was not established. However, the provisions relating to tariffs and other matters on import and export had been finalized earlier in the preparatory process for the Havana Conference. These provisions were contained in the General Agreement on Tariffs and Trade [GATT], which was given effect through a Protocol of Provisional Application, and the GATT came into operation provisionally from 1 January 1948. Since then, the GATT continued until December 1994, after which it was annexed to the Marrakech Agreement establishing the WTO and it became part of GATT 1994. The main
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