INTRO-QUESTION 1 (ITLP) SCRIPT

September 17, 2020

Total Running Time: 7min. and 43 sec.

TIME AUDIO VIDEO

10 sec. Play upbeat music Flash WTO Logo

Generate animated TITLE TEXT on vid:

The Historical Origins of the World Trade
Organization
1 min. Play soothing background music
and 30 Generate SUBTITLE throughout the video
sec. VO of Renzo:
We have been continuously reminded that no Show animated photos/ clip arts/
man is an island. This means that nobody can establishing shots relevant to the script
stand alone and produce all his needs by himself
in that same way, no nation can produce all its
needs by itself, they lack or do not have sufficient Generate SUBTXT on vid for every sources:
quantities. Also, subject of international politics CREDITS
either for achieving, international trade promotes
or maintains peace between international trading
partners. World Trade Organization’s benefits are
evident in agriculture, trade in garments and
textiles. In the field of science, numerous
breakthroughs and medical research are made
known to different countries because of WTO.

This allows open economies to grow faster and

more steadily. Trade is a catalyst for greater
efficiency and productivity. WTO has linked its
allies to monetary institutions like IMF and World
Bank. Most importantly, World Trade
Organization is an instrument of peace. A trade
that flows smoothly and diminishes political
conflict.

Transparency, certainty about trading conditions,

standardization of customs procedure and
centralized databases of information allow the
organization to promote peace and unity. Indeed,
International Economic Trade law encompasses
all aspects of activities, especially in our modern
world.

Transition to upbeat music

Let us take a look back in time and witness the
historical origins of the World Trade Organization
and their relevance today.

30 sec. Play suspense build-up music Show establishing videos of World War I &
II, and the great depression
3 min. Hit suspense music

VO of Renzo:
Prior to the end of World War II but after the
Normandy landings had taken place, the Allied
forces entered into an agreement as to how to
Flash necessary clips to illustrate the script
and generate text when necessary
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ensure that another World Ward would not take
place. They had realized that the Second World Generate SUBTXT for dates and events as
War was triggered in part by questionable mentioned
economic policies which severely affected and
enraged Germans, stoking a fire which would
lead to the rise of the Nazis. The World War II
draw on the lessons of the previous gold
standards, the experience of the Great
Depression and war destructions. Forty-four
nations saw these as an opportunity for a new
international system. In order to avoid these,
institutions and agreements were made at
Bretton Woods in July 1944, which resulted in the
creation of the General Agreement on Tariffs and
Trade (GATT), which is the financial system that
established two key institutions, International
Monetary Fund or IMF, and the International
Bank for Reconstruction and Development or
IBRD. The conference delegates also
recommended the establishment of a
complementary institution to be known as the
International Trade Organization (ITO), which
they envisioned as the third leg of the system.
They sought to create a system that would not
only avoid the rigidity of previous international
monetary systems, but would also address the
lack of cooperation among the countries on those
systems.

The United States and the United Kingdom

spearheaded the initiative at the newly formed
United Nations to draft a charter for the
proposed ITO. These negotiations concluded with
the signing of the Havana Charter in March of
1948. However, the Havana Charter never
entered into force, primarily because the U.S.
Senate failed to ratify it.

Meanwhile, parallel negotiations were conducted

on a multilateral agreement for reciprocal
reductions in tariff barriers. These negotiations
resulted in the signing of the GATT on November
30, 1947. A sufficient number of the signatory
nations, including the U.S., ratified the GATT for it
to enter into force on January 1, 1948, under a
“Protocol of Provisional Application” while
negotiations on the ITO charter continued. The
GATT survived the ITO’s demise, but it lacked a
coherent institutional structure, since the
negotiators had expected the agreement to be
subsumed under the ITO’s umbrella.

Despite its institutional deficiencies, the GATT

managed to function as a de facto international
organization, sponsoring eight rounds of
multilateral trade negotiations. The Uruguay
Round, conducted from 1986 to 1993,
culminated in the Marrakesh Agreement, which
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 established the World Trade Organization (WTO).
The WTO incorporates the principles of the GATT
and provides a more enduring institutional
framework for implementing and extending
them.

The World Trade Organization came into being in

1995. One of the youngest of the international
organizations, the WTO is the successor to the
General Agreement on Tariffs and Trade (GATT)
established in the wake of the Second World
War.

2 min. Transition to upbeat music

VO of Renzo:
RELEVANCE
These historical underpinnings have created a Establish relevance of the origins as
huge impact and relevance from then up until mentioned
now.

Despite falling apart, the Bretton Woods summit

and agreement are responsible for a number of
notably important aspects in the financial world.
First and foremost is the creation of the IMF and
the World Bank. Both institutions remain vital to
the global economy to this day.

On a larger scale, however, the agreement

unified 44 nations from around the world,
bringing them together to solve a growing global
financial crisis. It helped to strengthen the overall
world economy and maximize international trade
profit.

The Uruguay Round created new rules for dealing

with trade in services and intellectual property
and new procedures for dispute settlement.
Through these agreements, WTO members
operate a non- discriminatory trading system that
spells out their rights and their obligations. Each
member receives guarantees that its exports will
be treated fairly and consistently in other
members’ markets. Each promises to do the
same for imports into its own market. The system
also gives developing economies some flexibility
in implementing their commitments.

So while the WTO is relatively young, the

multilateral trading system that was originally set
up under the GATT is over 70 years old.

The past 70 years have seen an exceptional Show line graph to establish the growth in
growth in world trade. Merchandise exports have economy
grown on average by 6% annually. This growth in
trade has been a powerful engine for overall
economic expansion and on average trade has
grown by 1.5 times more than the global
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 economy each year. Total exports in 2016 were
250 times the level of 1948. The GATT and the
WTO have helped to create a strong and
prosperous trading system contributing to
unprecedented growth.

3 sec. Play upbeat music Flash WTO Logo

Generate animated TITLE TEXT on vid:

The Historical Origins of the World Trade
Organization
1 min. Play youthful music
and 30
sec. VO of Renzo:
Today, we learned that the World Trade Transition to vid of Jullian speaking oncam
Organization can be traced back from the 1944
Bretton Woods Conference: A post-World War II
agreement on the establishment of financial
systems.

There are three key institutions established

during the Bretton Woods Conference namely;
International Monetary Fund or IMF, the
International Bank for Reconstruction and
Development or IBRD, and the International
Trade Organization (ITO), which unfortunately
was never enforce.

The GATT sponsored eight rounds of multilateral

trade negotiations including the Uruguay Round,
conducted from 1986 to 1993.

The Marrakesh Agreement in Morocco,

established the World Trade Organization (WTO)
which incorporates the principles of the GATT.

The World Trade Organization came into being in

1995.

The Bretton Woods summit and agreement are

responsible for a number of notably important
aspects in the financial world. It helped to
strengthen the overall world economy and
maximize international trade profit.

The Uruguay Round created new rules for dealing

with trade in services and intellectual property
and new procedures for dispute settlement.
Through these agreements, WTO members
operate a non- discriminatory trading system that
spells out their rights and their obligations.

The past 70 years have seen an exceptional

growth in world trade. Merchandise exports have
grown on average by 6% annually. Thanks to the
World Trade Organization. Generate end-credits, cut-to-cut flashes of
photos and members’ name

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 NAME
Junior, BS Legal Management
San Beda University

Quickly cut out to WTO Logo

End of Script