Sixty years have passed since the Bretton Woods agreement established a system for managing the international monetary system and trade under the leadership of the International Monetary Fund (IMF), the International Bank for Reconstruction and Development and a couple of years later, the General Agreements on Tariffs and Trade. After eight years of negotiations under the Uruguay Round, 124 nations joined together and signed the General Agreements on Tarrifs and Trade on April 15, 1994 at Marrakesh, Morroco with a view to promoting multilateral world trade by cutting tariffs, reducing quotas and improving free market access. They decided to set up a permanent
International organization called “WTO”, similar in status to the IMF and the World Bank, to oversee the implementation of the provisions of the agreement by the member countries. As a result, the WTO has become operational since January 1, 1995.
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