The GATT has introduced the principle of the most favoured nation into members` collective agreements. The Government of the United States of America and the Government of India conducted customs negotiations, in accordance with Article XXVIII bis of the General Agreement on Customs, at the Customs and Trade Conference of the Contracting Parties to the 1960/61 General Agreement. AS STATED IN THE COMMISSION`S REPORT, THE CHAIRMAN OF THE EMPLOYMENT COMMITTEE AND THE COMMISSION, THE 10.03.1994, P. 1990, P. 100,000 AGREE As follows While the GATT was a set of rules agreed upon by nations, the WTO is an intergovernmental organization with its own headquarters and staff, whose scope covers both goods traded and trade in the services sector and intellectual property rights. Although used for multilateral agreements, multilateral agreements have led to selective exchanges and fragmentation among members in several rounds of negotiations (particularly the Tokyo Round). WTO agreements are generally a multilateral mechanism for the settlement of GATT agreements.  In the end, tariffs decreased by an average of 35%, with the exception of textiles, chemicals, steel and other sensitive products; In addition to a 15% to 18% reduction in tariffs on agricultural and food products. In addition, the chemical negotiations resulted in an interim agreement on the abolition of the US selling price (ASP). This was a method of assessing certain chemicals used by these countries for the institution of import duties, which gave domestic producers a much higher level of protection than indicated under tariff conditions.
The Uruguay Round Agricultural Agreement remains the most important agreement in the history of trade negotiations for the liberalisation of agricultural trade. The aim of the agreement was to improve market access for agricultural products, reduce national aid to agriculture in the form of price-distorting subsidies and quotas, eliminate agricultural export subsidies over time and harmonize health and plant health measures among Member States as much as possible. In May 1963, ministers agreed on three negotiating objectives: the GATT came into force on 1 January 1948. From the beginning, it was refined, which eventually led to the creation, on 1 January 1995, of the World Trade Organization (WTO), which absorbed and extended it. To date, 125 nations signed its agreements, which covered about 90% of world trade. signed at The Oct.