General Agreement Of Tariffs And Trade (Gatt)

The 50 countries that started negotiations wanted it to be an agency within the United Nations that creates rules, not only for trade, but also for employment, agreements on raw materials, trade practices, foreign direct investment and services. The ITO Charter was adopted in March 1948, but the U.S. Congress and legislators in some other countries refused to ratify it. In 1950, the Truman government declared defeat and ended the ITO. The Uruguay Round of Agriculture Agreement remains the main agricultural trade liberalization agreement in the history of trade negotiations. The objective of the agreement was to improve market access for agricultural products, reduce domestic support for agriculture in the form of price-distorting subsidies and quotas, remove export subsidies for agricultural products over time, and harmonise sanitary and phytosanitary measures between Member States as much as possible. . . .