The Uruguay Round, a multilateral trade negotiation conducted within the General Agreement on Tariffs and Trade (GATT) from 1986 to 1994, culminated in the establishment of the World Trade Organization (WTO). This new institution absorbed the GATT and expanded its scope to encompass trade in services, intellectual property rights, and dispute settlement mechanisms. The creation of a permanent, rules-based international organization for trade marked a significant shift towards greater global economic integration.
This development aimed to provide a more structured and predictable framework for international trade, fostering greater transparency and promoting economic growth among participating nations. By creating binding agreements and a robust dispute resolution system, the WTO sought to reduce trade barriers and facilitate the freer flow of goods and services across borders. This strengthened framework for international trade contributed to increased stability and predictability, which are considered crucial for investment and long-term economic development.
