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The World Trade Organization came into being in 1995. It is the successor to GATT, the General Agreement on Tariffs and Trade established in the wake of the World War Ⅱ. So the WTO is still young. The multilateral trading system that was originally set up under GATT is well over 50 years old.
The past 50 years have seen an exceptional growth in world trade. Merchandise exports grew on average by 6% annually. Total trade in 2000 was 22-times the level of 1950. GATF and the WTO have helped to create a strong and prosperous trading system contributing to unprecedented growth.
The system was developed through a series of trade negotiations, or rounds, held under GATY. The first rounds dealt mainly with tariff reductions but later negotiations included other areas such as anti-dumping and non-tariff measures. The last round -- the 1986-1994 Uruguay Round -- led to the WTO’s creation.
The negotiations did not end there. Some continued ’after the end