Instead, a provisional agreement on tariffs and trade rules, called the General Agreement on Tariffs and Trade (GATT) was reached and went into effect in 1948. For example, customs unions, free-trade areas, and special treatment for developing countries are permitted. One of the most important changes that came about from the Uruguay Round was the establishment of a new trade structure, the World Trade Organization (WTO), which incorporated the many changes reached during the Uruguay Round: the former GATT with its newly negotiated reforms, bodies to oversee the new trade agreements, a stronger dispute resolution procedure, a regular review of members' trade policies, and many other committees and councils. The WTO went into effect on January 1, 1995. The World Trade Organization

There are 150 members of the WTO, representing over 95% of world trade, 31 observer governments (most of which have applied for membership in the WTO), and seven international organization observers. All decisions are made by member countries, and decisions are usually by consensus. The WTO is located in Geneva, Switzerland. The highest level body in the WTO is the Ministerial Conference , which is the body of political representatives (trade ministers) from each member country. It must meet at least every two years. The WTO's Director-General is Pascal Lamy of France, whose three-year term began on September 1, 2005. The second meeting of the Ministerial Conference was held in Geneva on May 18 and 20, 1998. The body that oversees the day-to-day operations of the WTO is the General Council , which consists of a representative from each member country. The General Council also meets in two other, unique capacities. Those annexed Agreements are the agreements reached during the Uruguay Round covering trade in goods, trade in services, intellectual property rights, dispute settlement, and other trade areas. The WTO recognizes certain allowable exceptions such as national security. The current TPA legislation expired in July 2007, and Congress may renew or extend TPA if a Doha Round agreement is reached. Congress may also consider changes to U.S. trade laws in response to possible adverse rulings under WTO Dispute Settlement procedures. The Administration has called for greater authority in trade negotiations, saying that the need for repeated reauthorization of trade promotion authority interrupts U.S. trade policy and keeps the United States from participating in trade negotiations.
The World Trade Organization (WTO) was established on January 1, 1995, under an agreement reached during the Uruguay Round of multilateral trade negotiations. The Uruguay Round was the last of a series of periodic trade negotiations held under the auspices of the WTO's predecessor, the General Agreement on Tariffs and Trade (GATT).
The WTO is the most important international organization that governs world trade. Decisions are made by the member countries. The WTO has 151 members and 31 observer governments (most of which have applied for membership), and members represent over 95% of world trade. The highest-level decisions are made at the Ministerial Conference, which is the meeting of trade ministers from member countries. The Ministerial Conference must meet at least every two years. The General Council is the body of national representatives that oversees the day-to-day operations of the WTO. The General Council meets approximately monthly. It also meets in two other capacities: it reviews national trade policies, and it oversees the dispute settlement process. Under the General Council are numerous committees, working groups, and other bodies.
Assisting the members is a WTO Secretariat that numbers about 635 and is located in Geneva, Switzerland. The top official of the Secretariat is Director-General Pascal Lamy of France, whose three-year term began on September 1, 2005.
Trade agreements administered by the WTO cover a broad range of goods and services trade and apply to virtually all government practices that directly relate to trade, for example tariffs, subsidies, government procurement, and trade-related intellectual property rights. The WTO agreements are based on the principle of non-discriminatory treatment among countries. Some exceptions however, such as preferential treatment for developing countries, are allowed. Other basic principles of the WTO are open information on rules and regulations, negotiated limits on trade barriers, and settlement of disputes under specific procedures.
The 110th Congress may examine the relationship between the United States and the WTO in two ways. Congress may consider implementing legislation for a potential Doha Round agreement. U.S. Trade Promotion Authority (TPA) expired on July 1, 2007, however, Congress may extend or reauthorize TPA to consider such an agreement. Secondly, Congress may consider changes to U.S. laws in response to WTO dispute settlement procedures.