Gatt Agreement 1947

7. (a) A special exchange agreement between a party and the CONTRACTING PARTIES covered in paragraph 6 of this article notes, to the satisfaction of the contracting parties, that the objectives of this agreement are not thwarted by measures taken by the contractor concerned in relation to trade. The General Agreement on Tariffs and Trade is a port for a series of global trade negotiations that took place between 1947 and 1995 in a total of nine cycles. The GATT was first conceived after the Allied victory in World War II at the 1947 United Nations Conference on Trade and Employment, in which the International Trade Organization (ITO) was one of the ideas proposed. It was hoped that the ITO would be led alongside the World Bank and the International Monetary Fund (IMF). More than 50 nations negotiated the ITO and the organization of their constituent charter, but after the withdrawal of the United States, those negotiations failed. [8] 3. With regard to existing internal taxes that are incompatible with the provisions of paragraph 2, but expressly authorized under a trade agreement in force on 10 April 1947, in which import duties on the taxed product are linked to the increase, the party imposing the tax is free to defer to that tax the application of the provisions of paragraph 2 until it can be released from the obligations of that trade. to allow the tax to be increased to the extent necessary to compensate for the elimination of the tax`s protective element. At the same time, preparatory meetings on GATT were held at the UNCTS. After several of these sessions, 23 nations signed the GATT on October 30, 1947 in Geneva, Switzerland.

It came into force on January 1, 1948. [12] [8] c) CONTRACTING PARTIES, in agreement with the International Monetary Fund, formulate rules for the conversion of a foreign currency by the contracting parties, for which several exchange rates are maintained under the International Monetary Fund`s articles of agreement. Each contracting party may apply these rules to these foreign currencies within the meaning of paragraph 2 of this article as an alternative to the use of nominal values. Pending the obtaining of these provisions by the contracting parties, each party may apply conversion rules to such a foreign currency, as defined in paragraph 2, which aim to effectively reflect the value of that foreign currency in commercial transactions. 4. (a) Unless otherwise stipulated in this paragraph, the conversion rate of each participating currency is required for the purposes of paragraph 2 for the purposes of paragraph 2, so that a contracting party converts a price expressed in another country`s currency into its own currency, the exchange rate converted for each participating currency being based on the face value or exchange rate set by the international Monetary Fund`s statutes. or at the face value set in accordance with a special exchange agreement under Article XV of this agreement.