The post-war negotiations of the Allied powers included considering the creation of an International Trade Organization (ITO). International negotiations on ITO Charter were to be based on bilateral British-U.S. economic agreement. Striving not to lose system of imperial preferences in exchange for ambiguous benefits from tariff reductions, London strenuously impeded the talks. British strategy of delays and foot dragging turned to be one of the reasons that the ITO Charter itself had never been ratified.