Initiatives completed as a result of GATT and the WTO

GATT (General Agreement on Tariffs and Trade) was an international agreement aimed at reducing tariffs and other trade barriers among its signatories. GATT's provisions were eventually incorporated into the WTO (World Trade Organization). The result was the reduction in tariffs, the increased liberalization of agricultural markets and trade in services, improved dispute settlement procedures, and a decreasing role of the governmental control of foreign investment. Since its inception, the WTO has helped to ensure the liberalization of world trade by bringing regional or bilateral trade agreements into compliance with international rules. Most importantly, the WTO has established a successful dispute settlement system, which has led to the resolution of trade disputes between member countries. Additionally, it has also addressed intellectual property protection, services liberalization and other areas related to global trade. In summary, GATT and the WTO have achieved the following key results in liberalizing world trade: - Eliminated tariffs and other trade barriers - Enhanced dispute settlement procedures - Reduced governmental control of foreign investment - Improved intellectual property protection - Liberalized services market - Developed regional and bilateral trade agreements.