The summit almost resulted in a third organization. This should be the very ambitious International Trade Organization (ITO). The 50 countries that started negotiations wanted an agency within the United Nations to create rules, not only for trade, but also for jobs, agreements on raw materials, trade practices, foreign direct investment and services. The ITO charter was adopted in March 1948, but the U.S. Congress and a few other countries refused to ratify it. In 1950, the Truman administration declared defeat and completed the ITO. The EU works through a system of independent supranational institutions and intergovernmental decisions negotiated by Member States. The important institutions of the EU are the European Commission, the Council of the European Union, the European Council, the European Court of Justice and the European Central Bank. The European Parliament is elected every five years by EU citizens. The EU has developed an internal market through a standardised legal system that applies to all Member States. Passport controls have been abolished within the Schengen area (which includes EU and third country member states).
EU policy aims to ensure the free movement of people, goods, services and capital, to legislate in the areas of justice and home affairs and to maintain common policies in the areas of trade, agriculture, fisheries and regional development. The monetary union, the euro area, was created in 1999 and has been made up of 17 Member States since January 2012. Thanks to the common foreign and security policy, the EU has developed a limited role in external relations and defence. Permanent diplomatic representations have been established around the world. The EU is represented at the United Nations, the WTO, the G8 and the G20. THE GATT has been provisionally given a limited scope, but its success of more than 47 years in promoting and ensuring the liberalization of much of world trade is undeniable. The continued decline in tariffs alone has contributed to the very strong growth in world trade in the 1950s and 1960s – about 8% per year on average. In addition, the dynamics of trade liberalization have contributed to trade growth throughout the GATT era surpassing steady output growth, a measure of countries` growing ability to trade with each other and reap the benefits of trade. The influx of new members during the Uruguay Round has shown that the multilateral trading system is recognized as an anchor for development and an instrument of economic and trade reform.
To some extent, this view has been shared in Europe, but the process of European unification has created its own burdens, under which the Kennedy Round has at times become a secondary centre of gravity of the ERC. An example is the French veto on the accession of the United Kingdom in January 1963, even before the beginning of the cycle. The main round of GATT negotiations was the Uruguay Round, which began in September 1986. It was concluded on April 15, 1994 after nearly eight years of negotiations and came into force on January 1, 1995. The resulting comprehensive document included both significant revisions to the GATT, as was the case after the previous seven rounds of negotiations, and a wide range of other agreements on two types of issues: (1) issues that are not yet covered by the normal GATT rules, such as trade-related investment measures , trade in services, intellectual property rights and agriculture, textiles and clothing; and (2) issues that have been dealt with incompletely in previous negotiations, such as rules of origin, dumping, subsidies, safeguards and dispute resolution procedures. The World Bank is an international financial institution that provides loans to developing countries for capital programs. The World Bank`s official goal is to reduce poverty. According to World Bank articles (as of 16 February 1989), all its decisions must be based on the obligation to promote foreign investment, international trade and facilitation of