The international trading framework was developed after World War l as a way of supporting free trade In 1947, 19 governments concluded an intergovernmental agreement, General Agreement on Tariffs and Trades (GATT), to facilitate their trade cooperation by committing to a set of trade rules along with its enforcement mechanism. Its successor, the World Trade Organization (WTO), which currently has more than 150 member-countries, has carried on the mission since 1995 The GATT was a multilateral agreement with the objective of liberalizing trade, such as eliminating tariffs, subsidies, and import quotas The early years for GATT were very successful, but during the 1980s and early 1990s, it faced opposition from an increase in greater protectionism around the world. The WTO operates on the same basis of consensus as GATT, but it has been more effective at policing and enforcing its rules. Additionally, it has expanded trade rules on services and intellectual property rights in addition to industrial goods
Review the various trade milestones and place them in chronological order according to their creation
1. British placed tariff on imported com
2. 1947 entity set up to liberalize rade
3. Toughest GATT meetings to reduce tariffs
A. These laws are often viewed 'as examples of British t co Lawsercantlism and their aboilition marked a significant steps towards trade
B. A 1930 law aimed at avoiding rising unemployment by protecting domestic industries and diverting consumer demand away from foreign producers