The EEC has therefore advocated the harmonization of ups and downs through its double tank and thirty proposals: ten proposals. After the opening of the negotiations, the very sophisticated working hypothesis was soon undermined. The special structure countries (Australia, Canada, New Zealand and South Africa), so called because their exports were dominated by raw materials and other primary raw materials, made total tariff reductions using the item-by Item method. Gatt introduced the most-favoured-nation principle into customs agreements between members. In essence, a general agreement is a business contract and you should treat it with proper diligence and care. If you put one in – as with any business deal – you want to make sure the language of the contract is clear, concise and complete. The General Agreement on Tariffs and Trade (GATT) was never conceived as an agreement in its own right. Instead, it should be just part of a much broader agreement to establish an International Trade Organization (IO). The ITO should encourage trade liberalisation by establishing guidelines or rules that Member States have agreed to adopt. Conceived at the Bretton Woods Conference that brought together New Hampshire`s major allies in 1944, the ITO was seen as a complement to two other organizations that were also conceived there: the International Monetary Fund (IMF) and the World Bank. The IMF would monitor and regulate the international system of fixed exchange rates, the World Bank would help with loans for reconstruction and development, and the ITO would regulate international trade. These remedies are included in the GATT, not least because these procedures were already part of the legislation of the United States and other allied countries when the GATT was first designed.
Since the application of these laws would be manifestly contrary to the fundamental principles of GATT non-discrimination, exceptions were included in the original agreement that still exists today. Since other countries have joined the GATT/WTO over the years, these countries have also adopted the same laws, since the agreement allows it. As a result, this legal framework, created nearly a century ago in the United States and other developed countries, has been exported to most other countries in the world and has become the fundamental method for changing trade policy from the commitments made in previous GATT rounds. However, this part of the result was banned by Congress and the US selling price was only abolished when Congress adopted the results of the Tokyo Round. Performance across agriculture has been poor. The most notable success was the agreement on a memorandum of understanding on fundamental elements for the negotiation of a global subsidy arrangement, which was eventually included in a new international agreement on cereals. The Uruguay Round of agriculture remains the most important agreement in the history of trade negotiations to liberalize trade in agricultural products. The agreement aimed to improve market access for agricultural products, reduce domestic support to agriculture in the form of price-distorting subsidies and quotas, remove export subsidies for agricultural products over time, and harmonise sanitary and phytosanitary measures between Member States as much as possible. . . .