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Technical barriers to trade – sometimes called standardization code The 23 were also part of the larger group that negotiated the ITO Charter. One of the provisions of the GATT stipulates that they should accept some of the trade rules of the project. It believes that this should be done quickly and temporarily to protect the value of the tariff concessions they have negotiated. They explained how they considered the relationship between the GATT and the ITO Charter, but also allowed the possibility of not creating the ITO. You were right. On the other hand, the ITO has created a code of principles of world trade and a formal international institution. The architects of the ITO were strongly influenced by John Maynard Keynes, the British economist. The ITO reported an internationalization of the view that governments could play a positive role in promoting international economic growth. It was incredibly comprehensive: including chapters on trade policy, investment, employment and even business practices (what we now call antitrust policy or competition policy). The ITO also included a secretariat with the authority to resolve trade disputes. But the ITO was not popular. It also took a long time to negotiate. The final Charter was signed in March 1948 by 54 nations at the UN Conference on Trade and Employment in Havana, but it was too late.

The ITO did not see the flood of support for internationalism that accompanied the end of the Second World War and led to the creation of organizations such as the Un, the IMF and the World Bank. The U.S. Congress never passed it to join the ITO, and when the president announced that he would not seek to ratify the Havana Charter, the ITO actually died. As a result, the Provisional GATT (which was not a formal international organization) governed world trade until 1994 (Aaronson 1996, 3-5). Unlike the ITO charter, the GATT did not need congressional approval. Technically, the GATT was an agreement under the provisions of the U.S. Reciprocal Trade Act of 1934. In 1970, the import and export of U.S. goods and services accounted for only about 11.5% of gross domestic product. It rose rapidly to 20.5% in 1980, reaching an average of about 24% by the end of the century.

(In addition, the trade deficit remained in the mid-1980s, with imports exceeding large amounts of imports from year to year, so imports, for example, exceeded exports by 3% of GDP in 1987). The Tokyo cycle lasted from 1973 to 1979, with the participation of 102 countries. It continued its efforts to gradually reduce tariffs. The results include an average one-third reduction in tariffs in the world`s nine major industrial markets, bringing the average tariff for manufactured goods down to 4.7%. Tariff reductions over an eight-year period have been an element of “harmonization” – the higher the tariffs, the more proportional the reduction.