Although GATT is a legal agreement, it acts as an organization. Eight rounds of negotiations have been completed and the current round, the Doha Development Round, began in 2001 and is still not complete. The General Agreement on Tariffs and Trade (GATT) is a legal agreement first signed on 30 October 1947 in Geneva, Switzerland, by 23 countries. The GATT aimed to “substantially reduce tariffs and other trade barriers and eliminate preferences on a reciprocal and mutually beneficial basis” in order to stimulate economic recovery after the Second World War. The Uruguay Round Agreements, including the World Trade Organization Agreement and Section 3511 (d) agreements of this title, came into force for the United States on January 1, 1995. See the note in section 3511 of this title. In December 1993, after seven years of negotiations, GATT reached an agreement between 117 countries, including the United States. This cycle took place in Uruguay and was therefore called the Uruguay Round. The final act on the outcome of the multilateral trade negotiations of the Uruguay Round was the agreement reached during this round, signed in April 1994. The World Trade Organization (WTO) was created as part of this agreement. The WTO is implementing the agreement and has also launched the current round in Doha. To join the WTO, a nation must apply for membership.
There are currently 164 members in the WTO. “Uruguay Round Agreement” refers to agreements approved by Congress pursuant to Section 3511 under a) (1) of this title. “Multilateral trade agreement” refers to an agreement described in Section 3511 (d) of this title (with an agreement other than an agreement as described in paragraph 17 or Article 18 of this section). Prior to joining Willkie in 2017, Cody was a partner at Kirkland-Ellis, LLP, and was previously general assistant to Sabine Oil and Gas LLC. The term “Schedule XX” refers to the XX-United States of America programme attached to the 1994 Marrakesh Protocol on GATT. [Last updated in June 2020 by the Wex Definitions team] The terms “World Trade Organization” and “WTO” are the organization created under the WTO agreement. Tip: You should connect to Facebook to transfer your game progress between devices.