The Final Act of the Uruguay Round and the Marrakesh Agreement
establishing the World Trade Organization were signed on April
15, 1994. The World Trade Organization (WTO) was subsequently
established on January 1, 1995, as the multilateral institution
charged with administering agreed-upon rules for trade among
member countries. The WTO supersedes the General Agreement on
Tariffs and Trade (GATT), which was established in 1947 as the
umbrella organization for international trade. The United States
and other countries participating in the Uruguay Round of
Multilateral Trade Negotiations (1986-94) formed the WTO to
embody the new trade disciplines adopted during those
negotiations. The basic aim of the WTO is to liberalize world
trade and place it on a secure basis, thereby contributing to
economic growth and development. At the heart of the WTO are the
numerous agreements negotiated and signed by members during the
Uruguay Round. These agreements cover trade in goods and
services, as well as trade-related aspe