Changes

* Afterwards, proposal for establishment of International Trade Organization was out forward by delegates from fifty-six countries in November 1947 at Havana, Cuba.

* Afterwards, proposal for establishment of International Trade Organization was out forward by delegates from fifty-six countries in November 1947 at Havana, Cuba.

* On January 1, 1995, the World Trade Organization was established.<ref>[http://news.bbc.co.uk/2/hi/europe/country_profiles/2429503.stm BBC News-Profile: World Trade Organization]</ref>

* On January 1, 1995, the World Trade Organization was established.<ref>[http://news.bbc.co.uk/2/hi/europe/country_profiles/2429503.stm BBC News-Profile: World Trade Organization]</ref>

==The Uruguay Round==

==The Uruguay Round==

The Uruguay round started in 1982 and took place over seven and a half years, which was twice the actual allotted time. Around 123 countries took part in it. Although during the early times of the round it seemed to fail, it gradually brought about the largest improvement in the trading field all over the world.  

The Uruguay Round was a turning point as the world trading system saw some major reforms. It saw some results very early and within two years, the participants agreed that they would implement a cut package on import duties on the tropical products, exported mainly by the developing countries. Rules to settle disputes were also revised and measures were taken to implement them on the spot. To make the trade regimes transparent they suggested that the GATT members have to submit regular reports on their trade policies.<ref>[http://www.wto.org/english/thewto_e/whatis_e/tif_e/fact5_e.htm The Uruguay Round]</ref>

 

Uruguay Round’s seeds were sown at the Geneva meeting in November, 1982. The meeting was a failure, but its work programme became the agenda for the Uruguay Round, which was held in Punta del Este, Uruguay in the year 1986. The negotiation was to extend the present trading system to include trade in intellectual property and services, and to bring about reforms in the sectors of textiles and agriculture.

 

Another meeting was held by the ministers in the December, 1988 in Montreal, Canada to assess the progress and to elucidate the agenda, but it ended in a deadlock with no proper solutions. They met again in Geneva in April, 1989 and resolved the matters. The ministers met again in December, 1990 in Brussels to end the Round, but the talks were extended to reform the agricultural trade.

The political approach seemed to be poor, but the technical work was taken up at a good pace in the subsequent year, and the Final Act was tabled in the year 1992, by Arthur Dunkel, who was the Director General of GATT.<ref>[http://www.wto.org/english/thewto_e/whatis_e/tif_e/fact5_e.htm The Uruguay Round]</ref>

In 1986, the GATT members gradually accepted the negotiating program that enclosed almost all the outstanding issues of the trade policy.

After this the following two years were full of successes and failures. The key point was the differences between the European Union and the United States. In the year 1992, almost all the major differences between the United St6ates and the European Union were settles. The deal which took place is known as “Blair House Accord”. By the end of 1993, almost all the issues like market access, services and goods were resolved, and in April 1994, a meeting was held in Morocco, and a deal was signed by around 123 countries.<ref>[http://www.wto.org/english/thewto_e/whatis_e/tif_e/fact5_e.htm The Uruguay Round]</ref>

In 1988, the agenda for the remaining two years was discussed.

GATT was replaced by WTO, but General Agreement did not become obsolete.

==Functions==

==Functions==