GENERAL KNOWLEDGE

Detailed explanation-1: -The eighth round of agreement, known as the Uruguay round, was completed in 1994. The Uruguay round of GATT was one of the most significant because it resulted in the establishment of a powerful international organization (WTO) to regulate and liberalize international trade.

Detailed explanation-2: -Launched in Punta del Este, Uruguay, in 1986, the Uruguay Round of multilateral trade negotiations covered more issues and involved more countries than any previous round.