ITO
ITO: International Trade Organization. The proposal for the establishment of an ITO was one of the outcomes of the 1944 Bretton Woods conference. The ITO was meant to cover a wide range of economic issues, including investment, restrictive business practices, commodity arrangements, rules for international trade and trade issues related to economic development. All these topics were subject to intensive negotiations at Havana in 1947 and 1948. A compromise of sorts was reached in the end, but at the expense of an agreement with fewer teeth than its early main proponents would have liked. The only surviving part was the set of trade rules and tariff commitments now known as the GATT which was based on the chapter on commercial policy, but which had been negotiated on a parallel track. The ITO accordingly was never established. See also Bretton Woods agreements, Havana Charter, Organization for Trade Cooperation and WTO.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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