In an effort to give an early boost to trade liberaliza tion after the second world War-and to begin to correct the large overhang of protectionist measures which remained in place from the early 1930s- tariff negotiations were opened among the 23 founding gatt contracting parties" in 1946. This first round of negotiations resulted in 45,000 tariff concessions affecting sio billion -or about one-fifth- of world trade. It was also agreed that the value of these concessions should be protected by early-and largely provisional"-acceptance of some of the trade rules in the draft ito charter. The tariff cessions and rules together became known as the general agreement on tariffs and trade and entered into force in January 1948 Although the Ito Charter was finally agreed at a UN Conference on Trade and Employment in Havana in March 1948 ratification in national legislatures proved impossible in some cases. When the United Statesgovernment announced, in 1950, that it would not seek Congressional ratification of the Havana Charter, the Ito was effectively dead. Despite its provisional nature, the GATT remained the only multilateral instrument governing international trade from 1948 until the establishment of the Wto Alth its 47 years, the basic legal text of the gatt remained much as it was in 1948, there were additions in the form of plurilateral.voluntary membership-agreemen ts and continual efforts to reduce tariffs. Much of this was achieved through a series of trade rounds There were altogether 8 rounds of negotiations under gatt. the last one was the Uruguay round which created a new system-WTO After 8 years of negotia tion every issue was fina lly resolved in 1992, and on 15 April 1994, the deal was signed by ministers from most of the 125 participating governments at a meeting in Marrakesh马拉克什, Morocco摩洛哥. In accordance with WTO Agreement Marrakesh Agreement Establishing the World Trade organization), WTO came into being on January 1, 1995.WTO is One of the youngest of the interna tional organizations, and the only global international organization dealing with the rules of trade between nations II. The Differences Between WTo and GATT The World Trade organization is not a simple extension of GATT; on the contrary, it completely replaces its predecessor and has a very different character. Among the principal differences are the following: I, The gatt was a set of rules, a multilateral agreement, with no institutional3 In an effort to give an early boost to trade liberalization after the Second World War - and to begin to correct the large overhang of protectionist measures which remained in place from the early 1930s - tariff negotiations were opened among the 23 founding GATT "contracting parties" in 1946. This first round of negotiations resulted in 45,000 tariff concessions affecting $10 billion - or about one-fifth - of world trade. It was also agreed that the value of these concessions should be protected by early - and largely "provisional" - acceptance of some of the trade rules in the draft ITO Charter. The tariff concessions and rules together became known as the General Agreement on Tariffs and Trade and entered into force in January 1948. Although the ITO Charter was finally agreed at a UN Conference on Trade and Employment in Havana in March 1948 ratification in national legislatures proved impossible in some cases. When the United States' government announced, in 1950, that it would not seek Congressional ratification of the Havana Charter, the ITO was effectively dead. Despite its provisional nature, the GATT remained the only multilateral instrument governing international trade from 1948 until the establishment of the WTO. Although, in its 47 years, the basic legal text of the GATT remained much as it was in 1948, there were additions in the form of "plurilateral" - voluntary membership - agreements and continual efforts to reduce tariffs. Much of this was achieved through a series of "trade rounds". There were altogether 8 rounds of negotiations under GATT. The last one was the Uruguay Round which created a new system—WTO . After 8 years of negotiation, every issue was finally resolved in 1992, and on 15 April 1994, the deal was signed by Ministers from most of the 125 participating governments at a meeting in Marrakesh 马拉克什, Morocco 摩洛哥. In accordance with WTO Agreement (Marrakesh Agreement Establishing the World Trade Organization), WTO came into being on January 1,1995.WTO is One of the youngest of the international organizations, and the only global international organization dealing with the rules of trade between nations Ⅱ.The Differences Between WTO and GATT The World Trade Organization is not a simple extension of GATT; on the contrary, it completely replaces its predecessor and has a very different character. Among the principal differences are the following: 1、The GATT was a set of rules, a multilateral agreement, with no institutional