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Reciprocal Trade Agreements Act 1934 (F1)<br />US federal trade statute of the Roosevelt Administration that attempted to undo the PROTECTIONISM of the SMOOT HAWLEY TARIFF ACT by authorizing the president to negotiate bilateral, reciprocal trade agreements to reduce the tariffs introduced in 1930. The US Congress repeatedly voted three-year extensions of the powers under this Act.
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<strong>Gift aid</strong> – Financial aid that does not have to be repaid, including grants and scholarships.
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Organization for European Economic Co-operation (FO)<br />An international organization founded in 1948 to administer US aid to the eighteen West European countries benefiting under the Marshall Plan. Its principal achievements were the creation of the European Monetary Agreement in 1956, its organization of the negotiations which established the EUROPEAN COMMUNIIT and its contribution to trade liberalization. The ORGANIZATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT SUCCeeded it in 1961.
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