2. In all cases where contracting PARTIES are invited to examine or address problems related to foreign exchange reserves, balances of payments or exchange agreements, they consult fully with the International Monetary Fund. During these consultations, contractING PARTIES accept all statistical findings and other data presented by the Fund with respect to currencies, foreign exchange reserves and balances of payments and accept the Fund`s determination of the compliance of a party`s trade activities with the articles of the International Monetary Fund agreement. , or under a special exchange agreement between that party and contractING PARTIES. CONTRACTING PARTIES, when deciding on their final decision when the criteria set out in Article XII, paragraph 2, point a), or Article XVIII, paragraph 9, apply, accept the Fund`s determination of what constitutes a significant decrease in the foreign exchange reserve assets of the contracting parties, a very low level of its foreign exchange reserve assets or a reasonable increase in its reserve assets. , and with respect to the financial aspects of other inconsistencies in such cases. In addition to facilitating applied tariff reductions, GATT`s contribution to trade liberalization includes “the commitment of extended-term tariff reductions (which became more sustainable in 1955), the definition of universality of non-discrimination through the treatment of the most favoured nation (MFN) and the status of domestic treatment, ensuring greater transparency in trade policies and creating a forum for negotiations and the peaceful settlement of bilateral disputes. All of these have helped to streamline trade policy and reduce trade barriers and political uncertainty.  The fifth cycle was held again in Geneva and lasted from 1960 to 1962. The discussions were named after U.S. Treasury Secretary and former Undersecretary of State Douglas Dillon, who first proposed the talks.
Twenty-six countries participated in the cycle. In addition to reducing tariffs by more than $4.9 billion, it has also led to discussions on the creation of the European Economic Community (EEC). The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries whose overall objective was to promote international trade by removing or removing trade barriers, such as tariffs or quotas. According to its preamble, its objective was to “substantially reduce tariffs and other trade barriers and eliminate mutually beneficial and reciprocal preferences.” This appendix contains the full text of the general agreement, as well as all the amendments that have come into force since it came into force. The reader is convenient to identify the parts of the text to be read in combination with denods and additional provisions in Appendix I of the agreement. (d) CONTRACTING PARTIES require, at the request of a contracting party who applies restrictions under this section, that they be able to find that the restrictions are inconsistent with the provisions of this article or Article XIII (subject to Article XIV) and that they affect their exchanges. However, such a request is only made if contractING PARTIES have found that direct discussions between the parties concerned have not been successful. If there is no agreement as a result of the consultations with contractING PARTIES and if it finds that the restrictions are contrary to these provisions and that they cause or threaten harm to the trade of the party setting up the procedure, they recommend termination or modification of the restrictions.