When Did Trade Agreements Start

Trade agreements have been around for centuries, but their modern form as we know them today first came into play in the late 19th century. With the evolution of international trade and the growth of international commerce, governments sought ways to protect their domestic industries while still encouraging trade with other countries.

The first modern trade agreement was the Cobden-Chevalier Treaty, signed in 1860 between the United Kingdom and France. This treaty was aimed at reducing tariffs on goods between the two countries and promoting free trade.

In 1934, the United States passed the Reciprocal Trade Agreements Act, giving the President the authority to negotiate bilateral trade agreements with other countries. This law allowed the US to negotiate more favorable trade terms with other countries and helped to foster trade with a number of countries around the world.

After World War II, the General Agreement on Tariffs and Trade (GATT) was established in 1947. This agreement was created to promote free trade among member countries and to reduce tariffs on goods. GATT was replaced by the World Trade Organization (WTO) in 1995, which continues to promote free trade and international commerce.

Today, trade agreements have become an essential part of global commerce. They provide a framework for trade between countries and help to reduce barriers to trade. Modern trade agreements cover a wide range of issues, including intellectual property rights, government procurement, and trade in services.

In conclusion, trade agreements have a long and fascinating history, with their modern form first appearing in the late 19th century. With the increasing importance of international trade, these agreements are crucial in promoting economic growth and cooperation among nations. As international trade continues to evolve, we can expect trade agreements to play an even larger role in shaping the global economy.