Ch 10 - International Cooperation Among Nations

Ch 10 - International Cooperation Among Nations - January...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
January 31 st 2007 CHAPTER 10 INTERNATIONAL COOPERATION AMONG NATIONS GAAT: Beginning of GAAT’s: o o Developed as part of the Havana, Cuba conference (1947) o Provided forum for trade ministers to discuss barriers to international trade Role of the GATT: o Goal: to promote a free and competitive international trading environment benefiting efficient producers o Accomplished by sponsoring multilateral negotiations to reduce tariffs, quotas, and other nontariff barriers Negotiating Rounds: Round Dates # of Participants Average Tariff Cut (%) Geneva 1947 23 35 Annecy 1949 13 NA Torquay 1950-1951 38 25 Geneva 1956 26 NA Dillon 1960-1962 45 NA Kennedy 1964-1967 62 35 Tokyo 1973-1979 99 33 Uruguay 1986-1994 117 36 History of GATT’s Effect on World Trade in Goods: o 1921 – 1938: Trade in 30’s was affected by: Extensive trade restriction (Eg Smoot-Hawley tariffs (US Congress 1930)) Devaluations of currencies triggered by worldwide protectionist retaliations Consequences = moderate recession Great Depression o 1947 = GATT established o 1949 = Annecy Concessions o 1950 – 1951 = Torquay Round o 1956 = Geneva Tariff Cuts o 1960 – 1970: Momentum of postwar trade liberalization = pushed average trade growth to 8.1% Consequences = stimulating production & unprecedented economic growth 1960 – 1962 = Dillion Round 1964 – 1967 = Kennedy Round o 1973 – 1994:
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Trade policies suffered intensified protectionist pressures
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

Ch 10 - International Cooperation Among Nations - January...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online