multilateral trade negotiations

(GATT/WTO) A term describing the multilateral rounds of negotiations held under the auspices of the General Agreement on Tariffs and Trade (GATT) and World Trade Organization (WTO) since 1947. Each Round represented a discrete and lengthy series of interacting bargaining sessions among the participating Contracting Parties in search of mutually beneficial agreements looking toward the reduction of barriers to world trade. The agreements ultimately reached at the conclusion of each Round became new commitments and thus amounted to an important step in the evolution of the world trading system. See General Agreement on Tariffs and Trade; trade rounds; Tokyo Round; Uruguay Round, World Trade Organization (WTO).

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