====================================================================== THE LANGUAGE OF TRADE ====================================================================== CHRONOLOGY OF MAJOR DEVELOPMENTS AFFECTING U.S. TRADE POLICY 1916 U.S. Tariff Commission is established. 1923 The United States formally adopts the unconditional most-favored-nation principle as a cornerstone of its trade policy, after having applied conditional most-favored-nation treatment in its trade relations since 1789. 1934 First Reciprocal Trade Agreements Act, which was later extended by further acts of the U.S. Congress until they were all superseded by the Trade Expansion Act of 1962. (These acts provided authority for the U.S. president to reduce tariffs through bilateral negotiations and the first few Rounds of GATT multilateral trade negotiations.) 1944 Bretton Woods Conference. 1946 First Session of the Preparatory Committee of the United Nations Conference on Trade and Employment meets to consider a draft charter for an International Trade Organization (ITO) submitted by the United States. 1947 First draft of the General Agreement on Tariffs and Trade (GATT) is concluded and signed. 1947-48 First GATT Round of Trade Negotiations, Geneva. 1949 Second GATT Round of Trade Negotiations,Annecy, France. 1950-51 Third GATT Round of Trade Negotiations, Torquay, England. 1951 Schuman Plan establishes a common market in Europe for coal and steel. 1956 Fourth GATT Round of Trade Negotiations, Geneva. 1957 Treaty of Rome creates the European Economic Community. 1960 Stockholm Convention establishes the European Free Trade Association. 1960-62 Fifth (Dillon) GATT Round of Trade Negotiations, Geneva. 1962 U.S. Trade Expansion Act provides authority for U.S. participation in the Kennedy Round. 1963-67 Sixth (Kennedy) GATT Round of Trade Negotiations, Geneva. 1964 First United Nations Conference on Trade and Development (UNCTAD I), Geneva. 1968 Second United Nations Conference on Trade and Development (UNCTAD II), New Delhi, approves,in principle, a Generalized System of Preferences (GSP) for exports from developing countries. 1971 The Williams Commission Report to the U.S. president recommends a U.S. initiative for a major Round of trade negotiations. 1972 Third United Nations Conference on Trade and Development (UNCTAD III), Santiago, Chile. 1973 President Nixon proposes a trade bill to authorize U.S. participation in a major Round of GATT trade negotiations. The Tokyo Declaration formally initiates a major Round of multilateral trade negotiations within the framework of GATT, as envisaged by the Williams Commission. 1975 President Ford signs the U.S. Trade Act of 1974,which provides authority for U.S. participation in the Tokyo Round and changes the U.S. Tariff Commission to the U.S. International Trade Commission. 1976 Fourth United Nations Conference on Trade and Development (UNCTAD IV), Nairobi, Kenya, launches the Integrated Program for Commodities. 1977 Downing Street Summit Meeting in London approves accelerated efforts to conclude the Tokyo Round. 1979 Participating governments initial agreements negotiated during the Tokyo Round. Fifth United Nations Conference on Trade and Development (UNCTAD V), Manila, Philippines. Trade Agreements Act of 1979 authorizes implementation of agreements negotiated during the Tokyo Round. 1981 United Nations Conference on the Least Developed Countries, Paris. 1982 Ministerial meeting at GATT headquarters in Geneva identifies a GATT Work Program for the 1980s. 1983 Williamsburg Summit Meeting agrees to consultations on a new GATT Round of trade negotiations and on conditions for improving the international monetary system. Sixth United Nations Conference on Trade and Development (UNCTAD VI), Belgrade, Yugoslavia. 1985 The United States and Israel enter into a Free Trade Area Agreement. Finance ministers and central bankers of the G-5 agree to force down the U.S. dollar's value relative to other currencies to reduce the U.S. trade deficit (the Plaza Accord). 1986 Ministers from 74 nations meet at Punta del Este, Uruguay to initiate a new GATT Round of multilateral trade negotiations, the Uruguay Round. Spain and Portugal join the European Community. 1987 Single Act of the European Community. 1988 President Reagan and Canadian Prime Minister Mulroney sign the United States-Canada Free Trade Agreement. Midterm Review of the Uruguay Round, Montreal (Montreal Ministerial). 1989 United States implements the Harmonized Tariff System (HTS), replacing the Tariff Schedules of the United States (TSUS). 1990 President Bush announces the Enterprise for the Americas Initiative (EAI), a plan to create a new economic relationship with Latin America. December Ministerial (Brussels Ministerial) brings Uruguay Round near collapse. 1991 North American Free Trade Agreement (NAFTA) negotiations between Canada, Mexico and the United States is initiated. The Andean Trade Preference Act becomes law. GATT Director General Dunkel issues the Draft Final Act of the Uruguay Round. 1993 Congress approves NAFTA, and President Clinton signs implementing legislation. President Clinton hosts the first leaders' meeting in connection with an Asia-Pacific Economic Cooperation (APEC) ministerial. More than 110 countries reach agreement on a new trade accord, completing the Uruguay Round after seven years of negotiations. ======================================================================