Gatt entered into force on 1 January 1948. Since that beginning, it has been refined, which eventually led to the creation, on 1 January 1995, of the World Trade Organization (WTO), which registered and expanded it. At that time, 125 nations were signatories to its agreements, covering about 90% of world trade. The third round took place in Torquay. England in 1951.   Thirty-eight countries participated in the round. A total of 8,700 tariff concessions were collected on 3/4 of the tariffs that came into force in 1948. The simultaneous rejection of the Havana Charter by the United States meant the creation of GATT as the world body in power.  The stated objectives of the Organisation are to promote international economic cooperation, international trade, employment and exchange rate stability, including by providing financial resources to Member States to meet balance of payments needs. IMF members have access to information on the economic policies of all member countries, the ability to influence the economic policies of other members, technical assistance in banking, tax, and stock exchange matters, financial assistance in times of payment difficulties, and increased trading and investment opportunities. Voting rights at the IMF are based on a quota system.
Each member has a number of “basic votes” (the number of basic votes of each member is equivalent to 5.502% of the total votes) plus one additional vote for each special drawing right (SDR) of 100,000 of a member state`s quota. The Special Drawing Right is the IMF`s unit of account and is a monetary right. It is based on a basket of important international currencies. Basic votes create a slight distortion in favor of small countries, but the additional votes determined by the SDRs outweigh this bias. The General Agreement on Tariffs and Trade (GATT) is a multilateral agreement governing international trade. According to its preamble, its objective is to “substantially reduce tariffs and other barriers to trade and eliminate reciprocal and mutually beneficial preferences”. GATT was negotiated at the United Nations Conference on Trade and Employment and was the result of the failure of the negotiating governments in the creation of the International Trade Organisation (ITO). The GATT was signed in 1947 and lasted until 1993, when it was replaced by the World Trade Organization (WTO) in 1995. The original text of the GATT (GATT 1947) remains in force within the framework of the WTO, subject to the amendments to the GATT 1994. The Doha Development Round began in 2001. The Doha Round began in 2001 with a ministerial meeting in Doha, Qatar. The objective was to focus on the needs of developing countries.
Among the main factors discussed are trade facilitation, services, rules of origin and dispute settlement. Special and differential treatment of developing countries was also discussed as a major concern. Ministerial meetings were then held in Cancún, Mexico (2003) and Hong Kong (2005). Negotiations were held in Paris, France (2005), Potsdam, Germany (2007) and Geneva, Switzerland (2004, 2006, 2008). Progress in the negotiations was bogged down after the failure of the negotiations in July 2008.   The CAP is also affected by concessions for agriculture granted to a large number of countries under several multilateral and bilateral agreements, as well as unilateral derogations granted under the Generalised System of Preferences (GSP). . .