International Trade Organization
The International Trade Organization (ITO) was an international body proposed after World War II to promote and regulate global trade. Established in 1948, it aimed to create a framework for trade agreements and reduce barriers such as tariffs. However, the ITO never came into full operation due to lack of support from key countries, including the United States.
Instead, the functions intended for the ITO were largely taken over by the General Agreement on Tariffs and Trade (GATT), which later evolved into the World Trade Organization (WTO) in 1995. The WTO continues to facilitate trade negotiations and resolve disputes among member countries.