of specific sectors or issues Finally there are the detailed and leng thy schedules (or lists)of commitments made dual countries allowing specific foreign products or service providers s to the market ●1. Goods Trade negotiations all began with trade in goods from 1947 to 1994, Gatt was the forum for negotiating lower customs duty rates and other trade barriers; the text of GATT spelt out important rules, particularly nondiscrimination. Since 1995, the updated gatt has become the wtos umbrella agreement for trade in goods. It has annexes dealing with specific sectors such as agriculture and textiles, and with specific issues such as state trading product standards, subsidies and actions taken against dumping. ·2. Services Banks, insurance firms, telecommunications companies, tour operators, hotel chains and transport companies looking to do business abroad can now enjoy the same principles as free and fair trade that were originally only applied to trade in goods. These principles appear in the new General Agreement on Trade in Services (GATS). WTO members have also made individual commitments under gats stating which of their services sectors they are willing to open to foreign competitors. and how open those markets are 3. Intellectual property The wTos intellectual property agreement amounts to rules for trade and investment in ideas and creativity. The rules state how copyrights, trademarks, geographical indication used to identify products, industrial designs, integrated circuit layout-designs and undisclosed information such as trade secrets should be protected when trade is involved. .4. Dispute settlement The Understanding on rules and procedures governing the settlement of Disputes( the Dispute Settlement Understanding or dsu) carries forward and improves on the dispute settlement procedures of GATT 1947. most importantly, the dsu establishes a unified system for settling disputes that arise under the WTO Agreement and its annexes( other than the annex establishing the trade Policy Review Mechanism).10 of specific sectors or issues. •Finally there are the detailed and lengthy schedules (or lists) of commitments made by individual countries allowing specific foreign products or service providers access to the market. •1. Goods • Trade negotiations all began with trade in goods from 1947 to 1994, GATT was the forum for negotiating lower customs duty rates and other trade barriers; the text of GATT spelt out important rules, particularly nondiscrimination. Since 1995, the updated GATT has become the WTO's umbrella agreement for trade in goods. It has annexes dealing with specific sectors such as agriculture and textiles, and with specific issues such as state trading product standards, subsidies and actions taken against dumping. •2. Services • Banks, insurance firms, telecommunications companies, tour operators, hotel chains and transport companies looking to do business abroad can now enjoy the same principles as free and fair trade that were originally only applied to trade in goods. These principles appear in the new General Agreement on Trade in Services (GATS). WTO members have also made individual commitments under GATS stating which of their services sectors they are willing to open to foreign competitors, and how open those markets are. •3. Intellectual property • The WTO's intellectual property agreement amounts to rules for trade and investment in ideas and creativity. The rules state how copyrights, trademarks, geographical indication used to identify products, industrial designs, integrated circuit layout-designs and undisclosed information such as trade secrets should be protected when trade is involved. •4. Dispute settlement • The Understanding on Rules and Procedures Governing the Settlement of Disputes ( the Dispute Settlement Understanding or DSU ) carries forward and improves on the dispute settlement procedures of GATT 1947. Most importantly, the DSU establishes a unified system for settling disputes that arise under the WTO Agreement and its annexes ( other than the annex establishing the Trade Policy Review Mechanism)