North Atlantic Trade and Payments
Since the end of the war the North Atlantic countries have made continuous progress in reducing trade barriers both on a world-wide basis and in ways which have promoted sub-regional integration. The early post-war morass of quantitative trade restrictions in Europe was removed by means of the O.E.E.C.’s liberalisation code between 1948 and 1953. Dollar imports into Europe were liberalised in the mid 1950s. The E.E.C. and EFTA arrangements have removed tariffs within the areas they cover, and the external tariffs of these two groups and of North America have been lowered by Dillon and Kennedy Rounds of negotiations in GATT. Automobile trade between the United States and Canada has been put on a free-trade basis by special bilateral arrangement.
KeywordsMonetary Policy Capital Flow Commercial Policy Tariff Reduction Trade Diversion
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