Traditionally, natural resources and raw materials dominated in international trade. Developing countries
exported natural resources and raw materials, and developed countries imported them in this way supporting local
industries. Final products have been manufactured and sold in the local market, with the surplus exported, and only
minimum of consumer products, which were not supplied by local manufacturers, were imported. After the Second
World War, the multilateral agreements in the regulation of international trade were adopted and the General
Agreement on Tariffs and Trade (GATT) was established in 1947. The second half of the 20th century was
characterized by the liberalization of international trade, significant decrease of import tariffs and the growth of
trade in manufactured goods