Geneva Tariff Conference, 1947
Geneva Tariff Conference, 1947: consisted of tariff negotiations between the participants in the Preparatory Committee of the United Nations Conference on Trade and Employment. About 45,000 concessions were exchanged. This was the first occasion when tariff negotiations were conducted multilaterally. Negotiations were conducted under the principal supplier rule. In other words, the granting of a concession only had to be considered if the country supplying the largest part of the product made a request for a tariff reduction. The Geneva Tariff Conference is deemed to have been the first round of multilateral trade negotiations. See also principal supplier right.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
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Author of the text: W. Goode
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