The General Agreement On Tariffs And Trade (Gatt) Was Replaced By

The International Monetary Fund (IMF) is an international organization established on July 22, 1944 at the Bretton Woods Conference and established on December 27, 1945, when 29 countries signed the IMF agreement. It originally had 45 members. The IMF`s stated objective was to stabilize exchange rates and support the reconstruction of the global payment system after World War II. Through a quota system, countries introduce money into a pool from which countries with payment imbalances can temporarily borrow funds. Through these and other activities, such as monitoring the economies and policies of its members, the IMF is working to improve the economies of its member countries. The IMF sees itself as "an organization of 188 countries working to promote global monetary cooperation, ensure financial stability, facilitate international trade, promote high employment and promote sustainable economic growth and reduce poverty." The third provision was added in 1965 and was aimed at developing countries that join the GATT. Developed countries have agreed to eliminate tariffs on imports from developing countries in order to stimulate these economies. Lower tariffs have also benefited industrialized countries. As THE GATT has attracted middle-class consumers worldwide, the demand for trade with industrialized countries has increased. The fifth cycle was held again in Geneva and lasted from 1960 to 1962. The discussions were named after U.S. Treasury Secretary and former Undersecretary of State Douglas Dillon, who first proposed the talks.

Twenty-six countries participated in the cycle. In addition to reducing tariffs by more than $4.9 billion, it has also led to discussions on the creation of the European Economic Community (EEC). APEC is a forum for 21 peripheral Pacific countries that want to promote free trade and economic cooperation throughout the Asia-Pacific region. THE GATT and its successor, the WTO, have succeeded in reducing tariffs. Average tariff levels for large GATT participants were about 22% in 1947, but were 5% after the Uruguay Round of 1999. [4] Experts attribute some of these tariff changes to the GATT and the WTO. [5] [6] [7] The trading bloc is the largest in the world from 2010 in terms of total GDP of its members. NAFTA has two complements: the North American Environmental Cooperation Agreement (NAAEC) and the North American Worker Cooperation Agreement (NAALC).

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