The sixth round of GATT multilateral trade negotiations, which took place from 1964 to 1967. It was named after U.S. President John F. Kennedy in recognition of his support for the reformulation of the U.S. trade agenda, which culminated in the Trade Expansion Act in 1962. This legislation has given the president the greatest bargaining power of all time. The details of the GATT were optimized in the decades following its creation. The main objective of the continuation of the negotiations was the continuation of the reduction of tariffs. In the mid-1960s, the Kennedy Round added an anti-dumping agreement.
The Tokyo Round of the 1970s improved other aspects of trade. The Uruguay round lasted from 1986 to 1994 and created the World Trade Organization. Agreements for the two main sectors of goods and services have a common three-part framework, although the details are sometimes very different. At the same time, 15 countries focused on negotiating a simple trade agreement. They agreed to remove trade restrictions on $10 billion or one-fifth of the world`s trade zone. A total of 23 countries signed the GATT agreement on 30 October 1947, paving the way for its implementation on 30 June 1948. To some extent, this view has been shared in Europe, but the process of European unification has created its own burdens, under which the Kennedy Round has at times become a secondary centre of gravity of the ERC. An example is the French veto on the accession of the United Kingdom in January 1963, even before the beginning of the cycle. These agreements are not static; they are renegotiated from time to time and new agreements can be added to the package. Many negotiations are under way under the Doha Development Agenda, launched by WTO trade ministers in Doha, Qatar in November 2001. The round presented an agreement on trade facilitation, which means improved customs procedures. It is inconceivable to reach agreement on other aspects, including further tariff reductions and agricultural subsidies.
The GATT came into force on January 1, 1948. From the beginning, it was refined, which eventually led to the creation, on 1 January 1995, of the World Trade Organization (WTO), which absorbed and expanded it. To date, 125 nations signed its agreements, which covered about 90% of world trade. The fifth cycle was held again in Geneva and lasted from 1960 to 1962. The discussions were named after U.S. Treasury Secretary and former Undersecretary of State Douglas Dillon, who first proposed the talks. Twenty-six countries participated in the cycle. In addition to reducing tariffs by more than $4.9 billion, it has also led to discussions on the creation of the European Economic Community (EEC).
The WTO was created in 1995 when it took over the same functions in the General Agreement on Tariffs and Trade (Gatt), which came into force in 1948. However, this part of the result was not authorized by Congress and the U.S. selling price was not abolished until Congress passed the results of the Tokyo Round.