DOCSLIB.ORG

Commercial Policy Objectives of Commercial Policy

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Commercial Policy Objectives of Commercial Policy COMMERCIAL POLICY The regulations and policies that determine how a country conducts trade with other countries. A country's commercial policy includes the use of tariffs and other trade barriers, such as restrictions on what goods can be imported or exported, and which countries are allowed to import or export goods to the home country. Countries that are part of an economic union often have a single commercial policy that determines how member countries can interact with non-member countries. An example of an organization with a common commercial policy is the European Union. A ‘commercial policy’ (also referred to as a trade policy or international trade policy) is a set of rules and regulations that are intended to change international trade flows, particularly to restrict imports. Every nation has some form of ‘trade policy’ in place, with public officials formulating the policy which they think would be most appropriate for their country. Their aim is to boost the nation’s international trade. The purpose of trade policy is to help a nation's international trade run more smoothly, by setting clear standards and goals which can be understood by potential trading partners. Trade policy can involve various complex types of actions, such as the elimination of quantitative restrictions or the reduction of tariffs. According to a geographic dimension, there is unilateral, bilateral, regional, and multilateral liberalization. According to the depth of a bilateral or regional reform, there may be free trade areas (wherein partners eliminate trade barriers with respect to each other), ‘custom unions’ (whereby partners eliminate reciprocal barriers and agree on a common level of barriers against no partners), and free economic areas. Some of the most common trade barriers are: ‘Tariffs’: Taxes levied on products that are traded across borders are called tariffs. However, governments impose tariffs essentially on imports and not on exports. Two most popular types of tariffs are: • Ad valorem: This tariff involves a set percentage of the price of the imported goods. • Specific: This refers to a specific amount charged by the government on import of goods. Subsidies: Subsidies work to foster export by providing financial assistance to locally-manufactured goods. Subsidies help to either sustain economic activities that face losses or reduce the net price of production. Quotas: Import quotas are the trade limits set by the government to restrict the quantity of imports during a specified period of time. ‘‘‘Embargo’’’: This is an extreme form of trade barrier. Embargoes prohibit import from a particular country as a part of the foreign policy. In the modern world, embargoes are imposed during wartimes or due to severe failure of diplomatic relations. A voluntary export restraint’: Is a restriction set by a government on the quantity of goods that can be exported out of a country during a specified period of time. Often the word voluntary is placed in quotes because these restraints are typically implemented upon the insistence of the importing nations. __________________________________________________________________________________________ OBJECTIVES OF COMMERCIAL POLICY The main objectives of the commercial policy are: 1) To appreciate trade with other nations. 2) To protect domestic market prevailing in the country. 3) To increase the export of particular product this would help in expanding domestic market. 4) To prevent the imports of particular goods for giving protection to infant industries or developing key industry or saving foreign exchange, etc. 5) To encourage the imports of capital goods for speeding up the economic development of the country. 6) To restrict the imports of goods which create unfavourable balance of payments. 7) To assist or prevent the export or import of goods and services for achieving the desired rate of exchange. 8) To enter into trade agreements with foreign nations for stabilizing the foreign trade. Some nations make an attempt to protect their industries with trade policies which place a heavy burden on importers, allowing domestic producers of goods and services to get ahead in the market with lower prices or more availability. Others avoid trade barriers, promoting free trade, in which domestic producers are given no special treatment, and international producers are free to bring in their products. __________________________________________________________________________________________ ADVANTAGES OF COMMERCIAL POLICY 1) The National Defence Theory: According to this argument, certain industries such as weapons, aircraft, and petroleum are vital to a nation's defence. Therefore, proponents of this theory argue that these domestic industries should be protected from foreign competitors so that there is a domestic supply on hand in case of an international conflict. No country would like to be dependent on another country when it comes to weapons. 2) The Infant Industry Theory: Under this argument, it is believed that new domestic industries should be protected from foreign competition for so long so that they will have a chance to develop. Ideally, as the new industry matures and becomes able to stand on its own feet and compete effectively with other producers, the protections will be removed. It is intended to help a new domestic industry develop without being immediately crushed by already established foreign industries. 3) The Antidumping Theory: Dumping is simply the selling of a good in a foreign country at a lower price than it is sold for in the domestic market. It is an illegal practice and current laws provide relief in the form of tariffs imposed against the violators. Proponents of this argument believe that if dumping is allowed, foreign producers will temporarily cut prices and drive domestic firms out of the market. Then they will use their monopoly to exploit consumers. Antidumping legislation is implemented to prevent this. ___________________________________________________________________________ DISADVANTAGES OF COMMERCIAL POLICY 1) Increased Cost to Consumers: One of the most important disadvantages of trade restrictions is that it drives up the price of goods in a country where trade barriers artificially raise the price of imported products. The apparent effect of trade barriers is to prevent jobs from being lost to foreign competition, which is an argument used by many special interest groups to justify various types of trade barriers. In the long run, however, trade barriers force consumers to pay higher prices, since products that could otherwise be made cheaply overseas take more resources to produce domestically. 2) Increased Costs to Domestic Suppliers: Price hikes due to trade barriers don't just affect consumers. It also puts a strain on firms which supply raw goods and commodities to domestic industries. Without trade barriers in place, such firms can rely on the law of comparative advantage, meaning that it would cost them more to try to find a certain raw material in their own country than it would to buy from a country rich in a particular commodity. Trade barriers artificially raise prices on foreign commodities, making it less profitable to buy from other countries. 3) Less Competition: Trade barriers lessen foreign competition, leading to fewer product choices for consumers. The fact that trade restrictions make it more costly to purchase goods from abroad results in the domestic industry facing less competition from foreign markets. In the short term, this can save jobs in select domestic industries. However, in the long run, it leads to customers having fewer choices in the products they buy. It also gives producers less incentive to create high-quality products available to the public. 4) Escalations: Over time, one country's policy of trade restrictions may lead to similar measures taken by foreign governments, who lose out in the international trade game because they can't export products for a profit. This cuts down on economic efficiency and competition on a global scale. When nations trade with each other regularly, they often establish trade agreements. Trade agreements smooth the way for trading, spelling out the desires of both sides to create a stronger, more effective trading relationship. Many trade agreements are designed to accommodate a desire for free trade, with signatories to such agreements making certain concessions to each other to establish a good trading relationship. Regular meetings may also be held to discuss changes in the financial climate, and to make adjustments to trade policy accordingly. Safety is sometimes an issue in trade policy. Different nations have different regulations about product safety, and when goods are imported into a country with stiff standards, representatives of that nation may demand the right to inspect the goods, to confirm that they conform to the product safety standards which have been laid out. Security is also an issue, with nations wanting to protect themselves from potential threats while maintaining good foreign relations with frequent trading partners. *************************************************************************** *************************************************************************** *The End* .
Load more

Recommended publications
  • Commercial Faqs
    A consumer information brochure published by the New Hampshire Insurance Department 21 South Fruit Street, Suite 14 Concord, NH 03301 Commercial phone: (800) 852-3416 fax: (603) 271-1406 TDD Access: Relay NH 1-800-735-2964 FAQs WHAT KIND OF INSURANCE DO I NEED TO PURCHASE FOR MY BUSINESS? Depending on the individual risk characteristics of your business, the broker- agent will present you with different coverage options for purchasing commercial insurance. A broker-agent’s proposal is just that, a proposal. When all is said and done it is your responsibility to make an informed decision and choose the insurance that best fits your business plan. The relationship that you build with a broker-agent is extremely valuable in this critical decision making process. An The New Hampshire Insurance experienced broker-agent has dealt with hundreds of businesses similar to yours. Department makes sure that insurers Since commercial insurance can be complicated, you should feel free to discuss doing business in the state are financially sound, that insurance is any terms, conditions, or concepts that are unclear to you with your broker- available and appropriately priced, and consumers are treated fairly by doing agent. It is part of a broker-agent’s service to answer your questions and help you the following: understand the insurance you are purchasing. • Licensing insurance companies and monitoring their financial While your business may not need all commercial coverage lines, it is a good idea stability to have a basic knowledge of the types of insurance coverage available. As your • Reviewing insurance forms and premium rates to be sure they business changes and expands you will have the necessary knowledge to purchase comply with state law insurance coverage as new exposures arise.
    [Show full text]
  • Economy and Employment 35
    Economy and Employment 35 CHAPTER 4 36 Doncaster Unitary Development Plan Economy and Employment 37 Economy and Employment INTRODUCTION 4.1 A healthy economy is vital to the future well being of Doncaster and its citizens. Yet despite recent changes and developments, there is a continuing need to diversify the economy and also to secure growth in the manufacturing and service sectors. Additional employment opportunities are required to counter the present unacceptably high levels of unemployment, to provide for the anticipated growth in the workforce to 4.3 The preparation of this Unitary Council’s planning objectives and 2001 and beyond and to replace those Development Plan has coincided with development priorities. Economic jobs which will be lost as the measures being taken to create a Single Regeneration is identified as one of the traditional employers, especially the European Market by 1992, as well as three major themes. The main coal industry, continue to rationalise other developments by the European contribution of the UDP towards this and shed labour. Commission related to institutional objective lies in identifying and reform and Community enlargement. safeguarding a supply of land for 4.2 The process of restructuring and These will impact on Doncaster, industrial and commercial developing the local economy has although the nature and extent of this development and in promoting the commenced and significant progress impact will depend on a number of servicing and development of this has been achieved in recent years. A factors.
    [Show full text]
  • Small Business Guide to Commercial Insurance
    1-800-927-4357 www.insurance.ca.gov Small Business Guide to Commercial Insurance Dave Jones, Insurance Commissioner California Department of Insurance . Dave Jones Insurance Commissioner Dear California Consumer: The California Department of Insurance (CDI) is the nation’s leading consumer protection agency and your best resource for honest and impartial answers to insurance questions. We have knowledgeable insurance professionals staffing our consumer hotline. My staff is available to help you get answers to insurance related questions, file a request for assistance, or report suspected insurance fraud. Call 800-927-HELP (4357) or visit www.insurance.ca.gov to view all of our consumer information guides and insurance resources. These tools are available to consumers for free. Thank you for giving us the opportunity to serve you. Sincerely, Dave Jones California Insurance Commissioner . Table of Contents Small Business Guide to Commercial Insurance Introduction to Commercial Insurance . 3 How Can I Purchase Commercial Insurance? . 3 What Should I Expect from a Broker-Agent Who Specializes in Commercial Insurance? . 4 What Kind of Insurance Do I Need to Purchase for My Business? . 6 Property Insurance . 7 • Commercial Property • Inland Marine • Boiler and Machinery • Crime Casualty Insurance . 13 • Commercial Automobile • Commercial General Liability • Commercial Umbrella • Workers Compensation What Is a Business Owners Policy? . 20 How Are Commercial Policies Rated, Deductibles Selected, and Premiums Developed? . 20 What Do I Need to Know About Commercial Claims? . 21 Deductible . 22 Loss Control . 22 What If I Have Trouble Locating Insurance for My Business? . 23 • Surplus Line Insurance • California FAIR Plan Are There Specific Rules on Commercial Insurance Cancellation and Nonrenewal? .
    [Show full text]
  • The Dollar and the Policy Mix: 1971
    ESSAYS IN INTERNATIONAL FINANCE NO. 85, May 1971 IIMMINIMIMINNEM THE DOLLAR AND THE POLICY MIX: 1971 ROBERT A. MUNDELL INTERNATIONAL FINANCE SECTION DEPARTMENT OF ECONOMICS PRINCETON UNIVERSITY Princeton, New Jersey This is the eighty-fifth number in the series ESSAYS IN IN- TERNATIONAL FINANCE, published from time to time by the International Finance Section of the Department of Eco- nomics of Princeton University. The author, Robert A. Mundell, is Professor of Eco- nomics at the University of Chicago. He has written many articles in the field of international finance and several books,including most recently, Man and Economics( 1968), International Economics (1968), Monetary Problems of the International Economy (with A. Swoboda, 1969), and Monetary Theory: Inflation, Interest and Growth in the World Economy (ii). The Section sponsors the essays in this series but takes no further responsibility for the opinions expressed in them. The writers are free to develop their topics as they wish. Their ideas may or may not be shared by the editorial com- mittee of the Section or the members of the Department. FRITZ MACHLUP, Director International Finance Section ESSAYS IN INTERNATIONAL FINANCE NO. 85, May 1971 111:LE:ME.MEMMII THE DOLLAR AND THE POLICY MIX: 1971 IIMEMINCOMENI ROBERT A. MUNDELL INTERNATIONAL FINANCE SECTION DEPARTMENT OF ECONOMICS PRINCETON UNIVERSITY Princeton, New Jersey Copyright © 1971, by International Finance Section Department of Economics Princeton University L.C. Card No. 70-165467 Printed in the United States of America by Princeton University Press at Princeton, New Jersey THE DOLLAR AND THE POLICY MIX: 1971 THE DEFICIT AND THE DOLLAR • A decade ago Professor Rueff characterized the American balance-of- payments deficit as a "deficit without tears." He meant that the United States could buy expensive-to-make( European) resources with cheap-to- print dollars.
    [Show full text]
  • The Brazilian Economy-1980/97: from Hyper-Inflation to Stabilization
    Working paper No.62 The Brazilian Economy-1980/97: From Hyper-Inflation to Stabilization by Claudio Monteiro Considera Institute of Applied Economics Research Ministry of Planning and Budget March 1998 Department of Research Cooperation Economic Research Institute Economic Planning Agency Tokyo, Japan Any opinions expressed here are those of the authors and not those of the institution to which the authors belong. THE BRAZILIAN ECONOMY－1980/97 From Hyper-Inflation to Stabilization CONTENTS 1. Introduction 2. The Social and Economic Crisis－ 1980/92 2.1. The Record of the Crisis 2.2. The Origin of the Crisis: the Domestic and External Debts 2.3. The Stabilization Programs: a Chronicle of Failures 3. The Transaction Period : 1993/94 3.1. Political Transition: Development cum Inflation 3.2. The First Semester of 1994: the Transition by the URV 3.3. The New Currency: The Real 3.4. The First Nine Months of the Real: the Overheating of the Demand 4. Stability with Small Growth: 1995－97 4.1 The Impact of the Mexican Crisis 4.2 Consolidation of Stability and Economic Recovering 4.3 The Impact of the Asian Crisis 5. Real Plan, Macroeconomic Stability and Social Development-an Overview THE BRAZILIAN ECONOMY－1980/97 From Hyper-Inflation to Stabilization1 Claudio Monteiro Considera2 1. Introduction Brazilian experience along the 80’s and the beginning of the 90’s has been characterized by a general tendency to stagnation associated to the persistence of deep macroeconomic disequilibrium－in particular, by high and increasing inflation. Notwithstanding the localized spells of growth, usually related to expectation involving the future behavior of inflation, between 1980 and 1992 the economy has grown at an average of only 1.25% p.a., in this manner forcing the per capita income to drop to 7.6% during the period.
    [Show full text]
  • General Agreement on Tariffs and Trade
    • - RESTRICTED GENERAL AGREEMENT ON Spec(65)117 TARIFFS AND TRADE 5 November 1965 Committee on Balance-of-Payments Restrictions DRAFT REPORT OF THE COMMITTEE ON BALANCE OF PAYMENTS RESTRICTIONS ON THE CONSULTATION UNDER ARTICLE XII:4(b) (UNREVISED) WITH URUGUAY 1. In accordance with its terms of reference the Committee conducted the consultation with Uruguay under paragraph 4(b) of Article XII (unrevised). The Committee had before it a background paper provided by the International Monetary Fund, dated 22 October 1965> together with a supplementary paper, dated 26 October 1965. 2. In conducting the consultation, the Committee followed the plan for such consultations recommended by the CONTRACTING PARTIES (BISD, Seventh Supplement, pages 97 and 98)• The consultation was completed on 4 November 1965- This report summarizes the main points of the discussion. Consultation with the International Monetary Fund 3. Pursuant to the provisions of Article XV of the General Agreement, the CONTRACTING PARTIES had invited the International Monetary Fund to consult with them in connexion with the consultation with Uruguay. In accordance with the agreed procedure, the representative of the Fund was invited to make a statement supplementing the Fund's documentation concerning the position of Uruguay. The statement was as follows : "The International Monetary Fund has transmitted to the CONTRACTING PARTIES a background paper on Uruguay dated October 22, 1965, together with a supplementary paper dated October 26, 1965« "During the past two years Uruguay has experienced severe balance of payments difficulties and has incurred very large short-term foreign liabilities as a result of which heavy repayment obligations will fall due in the near future.
    [Show full text]
  • The Effects of Trade Policy
    NBER WORKING PAPER SERIES THE EFFECTS OF TRADE POLICY Pinelopi K. Goldberg Nina Pavcnik Working Paper 21957 http://www.nber.org/papers/w21957 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 February 2016 Prepared for the Handbook of Commercial Policy, edited by Kyle Bagwell and Robert Staiger. We thank seminar participants at the Dartmouth-SNU conference and the Handbook Conference at Dartmouth, especially Bruce Blonigen, Woan Foong Wong, and Peter Schott, for comments. We thank Carla Larin and Konrad von Moltke for research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2016 by Pinelopi K. Goldberg and Nina Pavcnik. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. The Effects of Trade Policy Pinelopi K. Goldberg and Nina Pavcnik NBER Working Paper No. 21957 February 2016 JEL No. F10,F13,F14,F63,F68,L11 ABSTRACT The last two decades have witnessed a shift in the focus of international trade research from trade policy to other forms of trade frictions (e.g., transportation, information and communication costs). Implicit in this development is the widespread view that trade policy no longer matters. We confront this view by critically examining a large body of evidence on the effects of trade policy on economically important outcomes.
    [Show full text]
  • The WTO at Twenty Challenges and Achievements
    The WTO at Twenty Challenges and achievements The WTO at Twenty Challenges and achievements Contents 3 WTO “widening” – Foreword by WTO more members, Director-General more participation 20 Accessions: building Roberto Azevêdo a 'global' WTO 21 Empowering developing countries 27 1 Conclusion 33 Introduction 06 2 Building a trade organization – strengthening the institutional foundations for global trade cooperation 10 Establishment of the WTO – the building of a permanent institution 11 WTO Secretariat 16 Negotiations in the WTO 16 4 Conclusion 19 WTO “deepening” – reducing barriers and expanding rules 34 Consolidating and expanding tariff commitments 35 Consolidating and expanding the regulatory framework for trade in goods 37 Consolidating and expanding the disciplines on trade in services 45 Modernizing and expanding the reach of disciplines on government procurement 47 Conclusion 49 2 5 Improving transparency – strengthening monitoring, surveillance and consultation 50 Reviewing trade policies to encourage policy dialogue 51 Monitoring trade policies to understand trends and contain protectionism 53 8 Monitoring and Strengthening documenting RTAs 54 outreach – Increasing transparency towards enhanced through notifications 55 engagement 78 Conclusion 58 7 Conclusion 81 Strengthening policy coherence – cooperation with other organizations 68 Expanding policy coherence: Art III.5 and beyond 69 6 Coherence in action 74 Dispute settlement – Conclusion 77 clarifying rules and resolving disputes 60 An accessible dispute settlement system 61 9 Establishing a rules-based Conclusion 82 system for resolving disputes 62 Lessons, issues, and principles from 20 years of WTO case-law 64 Conclusion 67 3 Foreword by WTO Director-General Roberto Azevêdo When the World Trade Organization was launched elimination of all remaining global tariffs.
    [Show full text]
  • 2019 Insurance Fact Book
    2019 Insurance Fact Book TO THE READER Imagine a world without insurance. Some might say, “So what?” or “Yes to that!” when reading the sentence above. And that’s understandable, given that often the best experience one can have with insurance is not to receive the benefits of the product at all, after a disaster or other loss. And others—who already have some understanding or even appreciation for insurance—might say it provides protection against financial aspects of a premature death, injury, loss of property, loss of earning power, legal liability or other unexpected expenses. All that is true. We are the financial first responders. But there is so much more. Insurance drives economic growth. It provides stability against risks. It encourages resilience. Recent disasters have demonstrated the vital role the industry plays in recovery—and that without insurance, the impact on individuals, businesses and communities can be devastating. As insurers, we know that even with all that we protect now, the coverage gap is still too big. We want to close that gap. That desire is reflected in changes to this year’s Insurance Information Institute (I.I.I.)Insurance Fact Book. We have added new information on coastal storm surge risk and hail as well as reinsurance and the growing problem of marijuana and impaired driving. We have updated the section on litigiousness to include tort costs and compensation by state, and assignment of benefits litigation, a growing problem in Florida. As always, the book provides valuable information on: • World and U.S. catastrophes • Property/casualty and life/health insurance results and investments • Personal expenditures on auto and homeowners insurance • Major types of insurance losses, including vehicle accidents, homeowners claims, crime and workplace accidents • State auto insurance laws The I.I.I.
    [Show full text]
  • Introduction to "Empirical Studies of Commercial Policy"
    This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Empirical Studies of Commercial Policy Volume Author/Editor: Robert E. Baldwin, editor Volume Publisher: University of Chicago Press, 1991 Volume ISBN: 0-226-03569-7 Volume URL: http://www.nber.org/books/bald91-1 Conference Date: March 16-17, 1990 Publication Date: January 1991 Chapter Title: Introduction to "Empirical Studies of Commercial Policy" Chapter Author: Robert E. Baldwin Chapter URL: http://www.nber.org/chapters/c6705 Chapter pages in book: (p. 1 - 8) Introduction Robert E. Baldwin New Empirical Approaches Important changes in the nature of research on trade policy issues are taking place. Traditionally, papers in this area have been mainly concerned with es- timating the welfare losses of such trade-distorting policies as tariffs and ex- port subsidies or the welfare gains of eliminating such measures. The usual procedure has been to model behavior in the sectors of interest and then, using estimates of such parameters as import demand and export supply elasticities made by other investigators (or perhaps estimated by the author), to simulate the price, trade volume, and welfare effects of various trade policies. Gener- ally these studies have focused on particular industries and used partial equi- librium analysis in making their estimates. However, computable general equilibrium (CGE) models have also been constructed with which to analyze the effects on a country or group of countries of broad trade policy changes such as the elimination of all tariffs or the tariff cuts in the Kennedy and Tokyo Rounds of GATT-sponsored multilateral trade negotiations.
    [Show full text]
  • Notifications, Trade Policy Reviews And
    8 Notifications, trade policy reviews and monitoring Quis custodiet ipsos custodes? [Who watches the watchmen?] Juvenal Satire VI, lines 347–348 (c. 100 AD) Introduction One of the functions of the WTO is to collect, assess and disseminate information about members’ trade policies. It does so principally through three mechanisms: the notifications that members are required to make about their own laws and policies, the reviews conducted by the Trade Policy Review Body (TPRB) and the monitoring activities that the Secretariat revived when the financial crisis broke in 2008. These activities can be arrayed along a spectrum of Secretariat activism and analysis, such that the notifications are principally the responsibility of the members themselves and are strictly factual and narrowly focused; the trade policy reviews (TPRs) are comprehensive investigations conducted cooperatively by the members and the WTO Secretariat, and involve some degree of judgment of the members’ policies; and the monitoring activities are conducted cooperatively with other international organizations, and are explicitly aimed at identifying any “backsliding” by members. These activities serve two and possibly three different purposes. The principal purpose is to promote transparency and compliance. Each of these activities is, to varying degrees, a relatively low-pressure form of enforcement that relies on moral suasion rather than the threat of retaliation. Together they provide a means of determining whether members are abiding by the commitments that they make in the WTO while also revealing the extent to which they utilize the “policy space” permitted within the terms of the agreements and their schedules. This can be as important to the member in question as it is to that member’s trading partners.
    [Show full text]
  • Havana Charter for an International Trade Organization, Including Annexes 9
    UNITED NATIONS CONFERENCE ON TRADE AND EMPLOYMENT HELD AT HAVANA, CUBA FROM NOVEMBER 21, 1947, TO MARCH 24, 1948 _______________ FINAL ACT AND RELATED DOCUMENTS INTERIM COMMISSION FOR THE INTERNATIONAL TRADE ORGANIZATION LAKE SUCCESS, NEW YORK APRIL, 1948 - 2 - The present edition of the Final Act and Related Documents has been reproduced from the text of the signature copy and is identical with that contained in United Nations document E/Conf. 2/78. This edition has been issued in larger format in order to facilitate its use by members of the Interim Commission. - 3 - FINAL ACT OF THE UNITED NATIONS CONFERENCE ON TRADE AND EMPLOYMENT - 4 - TABLE OF CONTENTS Page I. Final Act of the United Nations Conference on Trade and Employment VII II. Havana Charter for an International Trade Organization, including Annexes 9 III. Resolutions adopted by the Conference 117 - 5 - FINAL ACT OF THE UNITED NATIONS CONFERENCE ON TRADE AND EMPLOYMENT The Economic and Social Council of the United Nations, by a resolution dated February 18, 1946, resolved to call an International Conference on Trade and Employment for the purpose of promoting the expansion of the production, exchange and consumption of goods. The Conference, which met at Havana on November 21, 1947, and ended on March 24, 1948, drew up the Havana Charter for an International Trade Organization to be submitted to the Governments represented. The text of the Charter in the English and French languages is annexed hereto and is hereby authenticated. The authentic text of the Charter in the Chinese, Russian and Spanish languages will be established by the Interim Commission of the International Trade Organization, in accordance with the procedure approved by the Conference.
    [Show full text]