The average tariff level of the main GATT participants in 1947 was about 22%. [4] As a result of the first rounds of negotiations, tariffs in the GATT core of the United States, the United Kingdom, Canada and Australia were reduced compared to other parties and non-GATT participants. [4] In the Kennedy Round (1962-67), the average tariff level of GATT participants was about 15%. [4] After the Uruguay Round, tariffs were below 5%. [4] The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries whose primary objective was to promote international trade by removing or removing barriers to trade such as tariffs or quotas. According to its preamble, its purpose was to “significantly reduce tariffs and other barriers to trade and eliminate preferences on a mutually beneficial basis.” Gatt has introduced the most-favoured-nation principle into customs agreements between members. Another was the internal crisis of 1965, which ended with the Luxembourg Compromise. Preparations for the new round were immediately overshadowed by the chicken war, a harbinger of the possible impact that variable levies would ultimately have under the common agricultural policy. Some participants in the Round were concerned that the convening of UNCTAD planned for 1964 would lead to further complications, but its impact on the negotiations themselves was minimal. Another outcome of the Kennedy Round was the adoption of an anti-dumping code that provides more detailed guidelines for the implementation of Article VI of the GATT. In particular, it called for prompt and fair investigations and limited the retroactive application of anti-dumping measures. The prosperity of the world economy over the past half century is due in large part to the growth of world trade, which in turn is partly the result of far-sighted officials who launched gatt. They established a set of procedures to bring stability to the business environment, thus facilitating the rapid growth of global trade.

In the long term, the initial GATT conferences helped put the global economy on a solid footing, improving the livelihoods of hundreds of millions of people around the world. While gatt was a set of rules agreed upon by nations, the WTO is an intergovernmental organization with its own headquarters and staff, and its scope includes both trade in goods and trade in services, as well as intellectual property rights. Although designed to serve multilateral agreements, plurilateral agreements have led to selective trade and fragmentation among members over several gatt rounds of negotiations (not limited to the Tokyo Round). WTO agreements are generally a multilateral GATT resolution mechanism. [24] The fifth cycle took place again in Geneva and lasted from 1960 to 1962. The talks were named after U.S. Treasury Secretary and former Under Secretary of State Douglas Dillon, who was the first to propose the talks. Twenty-six countries participated in the round. In addition to reducing tariffs to more than $4.9 billion, this also led to discussions on the creation of the European Economic Community (EEC). Agriculture was essentially excluded from previous agreements, as it was given special status in the areas of import quotas and export subsidies with only slight reservations.