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International Trade Organization

definition

An institute whose purpose in facilitating import and export activities was envisioned by the Bretton Woods Conference in 1944 as a complement the IMF and World Bank. Although the charter for the International Trade Organization was successfully negotiated in Havana in 1948, it was never approved by the U.S. Congress. Trade relation issues were subsequently handled under the General Agreement on Tariffs and Trade or GATT, until its eighth round of negotiations produced the World Trade Organization to replace it.