| International Trade Organization |
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The ITO Charter was agreed at the UN Conference on Trade and Employment in Havana in March 1948 , but was blocked by the U.S. Senate . As a result, the ITO never came into existence. It has been suggested that the failure may have resulted from fears within the American Business Community that the International Trade Organization could be used to regulate, rather than liberate, big business. {Link without Title} Only one element of the ITO survived: the General Agreement On Tariffs And Trade (GATT). Seven rounds of negotiations occurred under GATT before the eighth round - the Uruguay Round - concluded in 1995 with the establishment of the World Trade Organisation (WTO) as the GATT's replacement. The GATT principles and agreements were adopted by the WTO, which was charged with administering and extending them. EXTERNAL RESOURCES |