The WTO agreements require the IMF to consult when discussing foreign exchange reserves, balance of payments, and exchange rate regimes. These agreements allow, for example, countries to apply trade restrictions in the event of balance of payments difficulties. The WTO`s Balance of Payments Committee bases its assessments of restrictions largely on the IMF`s finding of a member`s balance of payments situation. Regular consultation: The IMF has observer status in certain WTO bodies and may participate in meetings of certain WTO committees and working groups. The WTO Secretariat participates in meetings of the IMF Executive Board or the Liaison Committee with the World Bank and other international organizations on issues of common interest. Macrocritical trade issues may be part of the Fund`s surveillance activities and may, if necessary, be addressed in IMF-supported programs to achieve program objectives. Similarly, IMF surveillance reports are important contributions to regular WTO reports on member countries` trade policy reviews. This classification system allows for greater flexibility than the four-digit structure of the CIS by implementing a six-digit hierarchical coding system and classifying all economic activities in 20 industrial sectors. Five of these sectors are mainly those that produce goods, with the remaining 15 sectors being exclusively those that provide any type of service. Each company receives a primary NAICS code that indicates its main industry. A company receives its primary code based on the code definition that last year generates most of the company`s revenue at a given site. The Rush Bagot Pact was an agreement between the United States and Britain to eliminate their fleets from the Great Lakes, with the exception of small patrol ships. The 1818 Convention established the boundary between the Territory of Missouri in the United States and British North America (later Canada) at forty-ninth latitude.
These two agreements reflected the easing of diplomatic tensions that had led to the War of 1812 and marked the beginning of Anglo-American cooperation. Although tensions between Britain and the United States have remained high along the Great Lakes, relations have generally improved. Post-war trade recovered, and British political leaders increasingly viewed the United States as a valuable trading partner, while realizing that British North America would be costly and difficult to defend if another war broke out. When the U.S. Secretary to the United Kingdom, John Quincy Adams, proposed disarmament on January 25, 1816, the British Foreign Secretary, Viscount Castlereagh, reacted positively. The British government had already sent Charles Bagot to the United States as a minister in order to improve relations between the two countries. .