Within two decades this resulted in the establishment of fifty six similar PTAs

Within two decades this resulted in the establishment

This preview shows page 3 - 5 out of 7 pages.

foreigners to be discriminated against and be enticed in signing treaties. Within two decades, this resulted in the establishment of fifty-six similar PTAs in European states, leading to the liberalization of trade. The extent of this was globally unmatched until the GATT ending of the Tokyo round. The Formation of Post-World War II Open Trade System As the United States and Britain emerged from the Second World War as two of the biggest economies, they had the urge to orchestrate a plan that increased cooperation and openness in the global system the IMF, World Bank, and the ITO emerged from the Bretton Woods Treaty of 1944. As the IMF and World Bank later played significant roles in the novel global system, the ITO did not successfully materialize, and its agenda of overseeing the advancement of a non-partisan multilateral trading system was later included in the GATT. As the GATT aimed at encouraging the lessening of tariffs among member states, and thus providing a basis for the growth of multilateral trade, the subsequent years experienced an increase in the number of regional trade treaties. Within the first five years of the GATT establishment, Europe began an undertaking of regional integration of the economy via the 1951 establishment of the European Coal and Steel Community ( Cogley, 2001) . This community later became the European Union. After the Soviet Union collapsed, the European Union made efforts of forming trade treaties with various countries in Central and Eastern Europe. In the last decade of the 20th
Image of page 3
POLITICAL ECONOMY PAPER 4 century, the EU managed to establish various bilateral trade treaties with various countries in the Middle East. The United States also made trade agreements, such as the 1985 treaty with Israel, and the trilateral NAFTA with Mexico and Canada. In 1995, the WTO was established to succeed the GATT as the international overseer of global trade liberalization. This was after the negotiations of the Uruguay Round. While the GATT had focused on products, the WTO went a step further to incorporate policies about services, investments, and intellectual rights. GATT Negotiations before the Uruguay Round The GATT had aimed at establishing a systematic and transparent network within which trade hurdles could be steadily reduced, and global trade thereby extended. For facilitating this,
Image of page 4
Image of page 5

You've reached the end of your free preview.

Want to read all 7 pages?

  • Winter '11
  • Dr.Whitefield

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask ( soon) You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors