Results

♤ Agreements having six main parts → Establishing WTO; Agreements for each of the three broad areas of trade that the WTO covers (goods, services and intellectual property – GATT, GATS and TRIPS); Dispute settlement and Reviews of governments’ trade policies.

♤ Commitments to cut and “bind” their customs duty rates on imports of goods. In some cases, tariffs are being cut to zero. There is also a significant increase in the number of “bound” tariffs — duty rates that are committed in the WTO and are difficult to raise.