In the end, tariffs fell by 35%, with the exception of textiles, chemicals, steel and other sensitive products; In addition to a 15% to 18% reduction in tariffs on agricultural and food products. In addition, the chemical negotiations resulted in an interim agreement on the abolition of the US selling price (ASP). This was a method of assessing certain chemicals used by these countries for the institution of import duties, which gave domestic producers a much higher level of protection than indicated under tariff conditions. Created more than a year before the North Atlantic Treaty Organization (NATO), a Western military alliance, GATT played an important role in the Cold War that began shortly after World War II. It has helped the U.S.-led capitalist West spread its influence by liberalizing trade through multilateral agreements. The West, with which Canada was linked, gained more economic allies through these agreements, which strengthened its global influence over the Soviet-led Eastern Communist bloc. After the Cold War, with the collapse of the Soviet Union in 1991, THE GATT became a true world organization – the WTO – and it was accepted that former communist countries such as the Czech Republic, Poland and Romania were admitted. The Organization`s stated objectives are to promote international economic cooperation, international trade, employment and exchange rate stability, including by providing Member States with financial resources to meet the needs of the balance of payments. IMF Member States have access to information on the economic policies of all Member States, the ability to influence the economic policies of other members, technical assistance in banking, tax and foreign exchange, financial assistance in times of payment difficulties and increased trade and investment opportunities. Voting rights at the IMF are based on a quota system. Each member has a number of “basic votes” (the basic number of votes of each member corresponds to 5.502% of the total), plus an additional vote for each special draw right (SDR) of 100,000 the rate of a member country.
The special drawing right is the IMF`s unit of account and is a right to money. It is based on a basket of important international currencies. The basic votes create a slight distortion in favour of small countries, but the additional votes determined by the SDR outweigh this bias. The International Monetary Fund (IMF) is an international organization established on July 22, 1944 at the Bretton Woods Conference and established on December 27, 1945, when 29 countries signed the IMF agreement. It originally had 45 members. The IMF`s stated objective was to stabilize exchange rates and support the reconstruction of the global payment system after World War II. Through a quota system, countries introduce money into a pool from which countries with payment imbalances can temporarily borrow funds. Through these and other activities, such as monitoring the economies and policies of its members, the IMF is working to improve the economies of its member countries. The IMF describes itself as “an organization of 188 countries working to promote global monetary cooperation, ensure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty.
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