Agreement Of Imf

136 Another question – perhaps hypothetical, but interesting – concerns the applicability of the WTO`s approach to “non-violent null and effectiveness”. Article XXIII(1)(b) of the GATT provides for remedies in cases where the benefits of a Contracting Party have been nullified or impaired, although the Agreement has not been violated, or the achievement of a GATT objective has been impeded. Panel Report, European Communities – Measures Concerning Asbestos and Products Containing Asbestos, WT/DS135/R (18 September 2000) (adopted on 5 April 2001). This concept of repeal and non-violence is transferred to the WTO (Article 26 of the DSU). Even if the member is not required to rescind the measure, the member is expected to be compensated or subject to retaliation. The IMF was originally established as part of the Bretton Woods Systemic Exchange Agreement in 1944. .

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