The General Agreement on Tariffs and Trade is a port for a series of global trade negotiations that took place between 1947 and 1995 in a total of nine cycles. The GATT was first conceived after the Allied victory in World War II at the 1947 United Nations Conference on Trade and Employment, in which the International Trade Organization (ITO) was one of the ideas proposed. It was hoped that the ITO would be led alongside the World Bank and the International Monetary Fund (IMF). More than 50 nations negotiated the ITO and the organization of their constituent charter, but after the withdrawal of the United States, those negotiations failed. [8] GATT was established in 1948 to regulate world trade. It was created as a means of stimulating economic recovery after the Second World War by reducing or eliminating tariffs, quotas and subsidies. Since then, there has been a dispute over whether this symbolic gesture was a victory for it or whether it was excluded in the future from meaningful participation in the multilateral trading system. On the other hand, there is no doubt that the three-year extension of the international cotton textile trade agreement, which has become a multi-net agreement, has had the effect of hampering developing countries` export opportunities in the longer term. During the Great Depression, the collapse of international relations and increased trade regulation exacerbated poor economic conditions and contributed to the outbreak of World War II.

After the war, the Allies believed that a multilateral framework for world trade would soften the protectionist policy that defined the 1930s and create economic interdependence that would foster partnership and reduce the risk of conflict. The idea was to create a code of conduct that would gradually liberalize (or soften) international trade. Under this code of conduct, consultations on trade issues could be conducted and resolved between Member States, and data on the characteristics and trends of global trade could be collected and shared. The main round of GATT negotiations was the Uruguay Round, which began in September 1986. It was concluded on April 15, 1994 after nearly eight years of negotiations and came into force on January 1, 1995. The resulting comprehensive document included both significant revisions to the GATT, as was the case after the previous seven rounds of negotiations, and a wide range of other agreements on two types of issues: (1) issues that are not yet covered by the normal GATT rules, such as trade-related investment measures , trade in services, intellectual property rights and agriculture, textiles and clothing; and (2) issues that have been dealt with incompletely in previous negotiations, such as rules of origin, dumping, subsidies, safeguards and dispute resolution procedures. Reducing tariffs and introducing new rules to stem the increase in non-tariff barriers and voluntary export restrictions. 102 countries participated in the cycle. Concessions have been made for $19 billion. Canada was one of several multilateral trade groups operating in coordination with GATT, including the Organisation for Economic Co-operation and Development (OECD), the quadrangle group and the Cairns Group of Fair Trading Nations. Membership in these groups has allowed Canada to influence the direction of trade negotiations. The GATT also condemned the practice of dumping (selling goods abroad unless they are sold domesticly).

Anti-dumping duties could be applied to countries that are involved in these practices in the event of significant harm to domestic industry or due to the absence of the creation of a national sector. The Uruguay Round Agricultural Agreement remains the most important agreement in the history of trade negotiations for the liberalisation of agricultural trade.