Which Of The Following Organizations Administers The Gatt (General Agreement On Tariffs And Trade)

This series of meetings and tariff reductions would continue and new GATT provisions would be incorporated into the process. The average rate of duty rose from about 22% when the GATT was signed in Geneva in 1947 to about 5% at the end of the Uruguay Round, concluded in 1993 and which also negotiated the creation of the WTO. The Uruguay Round began in 1986. This is the most ambitious round to date, which dates back to 1986, in which the competence of gatt was to be extended to important new areas such as services, capital, intellectual property, textiles and agriculture. 123 countries participated in the round. The Uruguay Round was also the first round of multilateral trade negotiations in which developing countries played an active role.

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