730 delegates from the 44 Allied nations were preparing to rebuild the international economic system while World War II was still raging, and gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, USA, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference. Delegates debated from 1 to 22 July 1944 and signed the Bretton Woods Agreement on its final day. The creation of a system of rules, institutions, and procedures for regulating the international monetary system created the IMF and the International Bank for Reconstruction and Development (IBRD), now part of the World Bank Group. The United States, which controlled two-thirds of the world`s gold, insisted that the Bretton Woods system be based on both gold and the U.S. dollar. Soviet representatives attended the conference, but later refused to ratify the final agreements and lamented that the institutions they created were “branches of Wall Street.”  These organizations began their work in 1945, after a sufficient number of countries had ratified the agreement. As part of the agreement, countries promised that their central banks would maintain fixed exchange rates between their currencies and the dollar. If a country`s monetary value became too low against the dollar, the bank would buy back its currency on the foreign exchange markets. One of the most controversial topics was the system of preferential tariffs put in place in 1932 among members of the British Commonwealth, with trade within the Commonwealth subject to lower tariffs than between Commonwealth nations and the rest of the world. == Officials like Cordell Hull refused imperial preferences, both for ideological and practical reasons – the United Kingdom and Canada, both members of the system, were the two main trading partners of the United States – and called for their removal; However, many British and other Commonwealth officials were in favor of maintaining preferences, at least until the United States agreed to reduce the high level of Smoot Hawley tariffs of 1930. After more than four years of negotiations on these and other issues – such as the rules that were to govern customs negotiations and the structure of a proposed new organization to monitor international trade – an agreement was finally reached in 1947.
Twenty-three nations, which met in Geneva from April to October 1947, concluded the first post-war round of customs negotiations, which resulted in tariff reductions and imperial preferences, as well as a draft charter for a new institution, the International Trade Organization (ITO). The participants also signed the General Agreement on Tariffs and Trade (GATT), which is not only to implement the agreed tariff reductions, but also to serve as an intermediate codification of the rules governing trade relations between its signatories until the creation of the ITO. In November 1947, the United Nations Conference on Trade and Employment met in Havana to discuss the draft CHARTER of the ITO; Four months of negotiations, representatives of 53 countries signed the Final Charter in March 1948. However, strong opposition in the U.S. Congress meant that the ITO had never seen the light of day. Instead, it was gatt that regulated post-war international trade relations for nearly fifty years. Under the auspices of GATT, eight rounds of trade negotiations led to significant tariff reductions among its members before being replaced by the World Trade Organization in 1995. .