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Ravenhill: Global Political Economy 2e

Timeline


1860
The principle of "most-favoured-nation" appeared in the Anglo-French Cobden-Chevalier Treaty.

1930
The Bank for International Settlements (BIS) was established, initially to oversee Germany's war reparation payments.

1934
The Reciprocal Trade Agreements Act (RTAA) was passed in the US transferring tariff-setting policy to the president, substantially increasing the control the government exercised over trade policy until the present day.

1944
Bretton Woods Conference was held giving birth to the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD, also known as the World Bank).

1947
The General Agreement on Tariffs and Trade (GATT) was drawn up. First round of multilateral tariff reductions negotiated in Geneva.
Start of the Marshall Plan and the establishment of the Organization for European Economic Cooperation.

1948
Adoption of the International Trade Organization (ITO) charter by the International Conference on Trade and Employment in Havana but the ITO never came into being.

1949
Second round of GATT multilateral tariff negotiations at Annecy.

1951
Third round of GATT multilateral tariff negotiations at Torquay.
The Treaty of Paris was signed creating the European Coal and Steel Community (ECSC).

1955
The Non-Aligned Movement (NAM) was born at an Asia-Africa Conference held in Bandung, Indonesia.

1956
Fourth round of GATT multilateral tariff negotiations at Geneva.

1957
The Treaty of Rome was signed establishing the European Common Market.
The Commission of the European Communities was established.

1960
(until 1961) Fifth round of GATT multilateral tariff negotiations also known as the "Dillon Round".

1961
The Organization for European Economic Cooperation becomes the OECD.

1964
United Nations Conference on Trade and Development (UNCTAD) was founded.
The Group of Seventy-Seven (G77) was established. It is the largest grouping of "southern" countries in the United Nations system although membership now exceeds 130 states.
(until 1967) Sixth round of GATT multilateral tariff negotiations, also known as the "Kennedy Round". The first multilateral tariff negotiations round to discuss non-tariff measures albeit unsuccessfully. An anti-dumping code was introduced.

1967
The Association of Southeast Asian Nations (ASEAN) was established.

1971
August. The US ended the convertibility of the Dollar into gold precipitating the end of the Bretton Woods fixed exchange rate system.

1972
June. The first global United Nations conference for state officials on the environment took place in Stockholm.

1973
(until 1979) Seventh round of GATT multilateral tariff negotiations, also known as the "Tokyo Round". Six legal codes were introduced to deal with non-tariff barriers.
The United Nations Environment Programme (UNEP) was officially launched.
(until 1974) The first oil crisis.

1975
Group of Seven (G7) industrialized countries was established. The G7 became the G8 when Russian was accorded full membership in 1998.

1979
The European Monetary System was created.
The second oil crisis.

1982
August. Mexico announced that it could no longer service its debt sparking off the 1980s debt crisis.

1985
September. Plaza Accord was reached between Britain, France, Germany, Japan and the US on exchange rate realignment.

1986
(until 1992) Eight round of GATT multilateral tariff negotiations, also known as the "Uruguay Round" which eventually gave birth to the World Trade Organization (WTO)

1987
The World Commission on Environment and Development, commonly known as the Brundtland Commission, published a report, "Our Common Future", that synthesized and consolidated global debates over environment and development.

1989
The Asia-Pacific Economic Cooperation (APEC) grouping was created.
The Canada – US Free Trade Agreement goes into effect.
The Delors Report was published setting out a plan to introduce European Economic and Monetary Union.

1990
April. Proposal to create a WTO by Canada's trade minister, John Crosbie.

1991
The Global Environmental Facility, jointly managed by the World Bank, the United Nations Development Programme, and the United Nations Environment Programme, was established to finance environmental programmes in less developed economies.

1992
February. The Treaty of Maastricht was signed.
The United Nations Conference on Environment and Development (UNCED) was held in Rio de Janeiro, Brazil. The Conference, popularly known as the Rio or Earth Summit, put environment and development on the agendas of global leaders.

1994
1 January. The North American Free Trade Agreement (NAFTA) goes into effect.
15 April. The Final Act embodying the results of the Uruguay Round of multilateral trade negotiations and establishing the WTO was signed in Marrakesh, Morocco.

1995
1 January. The World Trade Organization (WTO) came into existence.

1997
July. The exchange rate of the Thai baht was decoupled from the US Dollar and this marked the beginning of what's become known as the Asian (Financial) Crisis.

1999
The Euro becomes a currency.

2002
January. WTO Doha Round was initiated.
The World Summit on Sustainable Development was held in Johannesburg, South Africa. It endeavoured to facilitate implementation of the Rio goals agreed 10 years earlier.
Notes and coins of the Euro were introduced.