GENERAL KNOWLEDGE

Detailed explanation-1: -1.1 The Uruguay Round was the largest ever international trade negotiation. It took place within the framework of the General Agreement on Tariffs and Trade (GATT) and was launched at Punta del Este, Uruguay on 20 September 1986 and formally concluded at Marrakesh, Morocco, on 15 April 1994.

Detailed explanation-2: -The last and largest GATT round, was the Uruguay Round which lasted from 1986 to 1994 and led to the WTO’s creation.

Detailed explanation-3: -The Uruguay Round was the 8th round of multilateral trade negotiations (MTN) conducted within the framework of the General Agreement on Tariffs and Trade (GATT), spanning from 1986 to 1993 and embracing 123 countries as “contracting parties".

Detailed explanation-4: -The WTO replaced GATT as an international organization, but the General Agreement still exists as the WTO’s umbrella treaty for trade in goods, updated as a result of the Uruguay Round negotiations.

Detailed explanation-5: -The Uruguay Round concluded in 1994 with numerous agreements to reduce trade barriers and institute more enforceable world trade rules. One of the major results of the Uruguay Round was the creation of the World Trade Organization (WTO), which officially began operations on January 1, 1995.