Word: otc
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...place to hang their hats. They met intermittently, lacked even an adequate secretariat. Earlier this year they decided to set up a permanent secretariat, the Organization for Trade Cooperation, to keep records of rate agreements, provide a forum for participating countries, make arrangements for negotiations, etc. But OTC would conduct no negotiations on tariffs or trade, leave that up to delegates from interested countries...
...President Eisenhower's direction, Assistant Secretary of State Samuel Waugh, a Nebraska banker, signed the OTC agreement for the U.S. last March. Though legally it was probably unnecessary for Eisenhower to submit OTC to Congress, he did it, as Secretary of State John Foster Dulles said, as a matter of courtesy. Moreover, the President knew that congressional blessing for OTC would have a psychological effect throughout the world, i.e., it would prove that not only the U.S. President but the U.S. Congress wanted a permanent policy of free world trade. When he sent OTC to Congress last April. Eisenhower...
Many Congressmen fear the bill is a threat to particular interests, like the wheat farmers. Still other oppose OTC on the ground that its adoption would surrender too much power to an international agency. The organization, however, would not have supranational powers; it would serve merely as a coordinator of international bargaining for those who chose to use it. Its rules are flexible enough to allow the United States an exemption on the importation of grain. Although OTC would be a permanent organ, it commits the United States to little more than the original General Agreement...
...some respects, the OTC proposal does not go far enough. To be really effective, it would need powers of enforcement, but Congressional sentiment currently opposes such controls. As it stands, the organization could at least help gain the removal of "discriminatory restrictions" against 'United States' exports. By promoting the conversion of currency, OTC could encourage investments in underdeveloped and war-torn countries...
Because of its limited duties, OTC is no panacea for trade problems, but it should be approved, if only to secure the faith of our thirty-three allies. If Congress does not pass the plan, ensuing distrust might lead to new and higher tariff barriers and ultimately halt the expansion of world trade. By enacting OTC and its sister proposal, the Reciprocal Trade Act, Congress could relieve the hardening of Western arteries of trade...