Abstract
The United States rejected the British-proposed International Trade Organization (ITO), replacing it with the General Agreement on Tariff and Trade (GATT). The GATT was to settle tariff issues on tradable goods only through rounds of negotiations. The developed economies were writing the global rules and regulations that were benefitting at the expense of the developing countries. Expansion in the world trade system and the growing clout of developing economies forced the developed countries to agree on establishing the World Trade Organization Uruguay Rounds that created the World Trade Organization (WTO).
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