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The organization created became known as GATT, General Agreement on Tariffs and Trade. GATT's main functions were to lower tariffs and to be an international court-style system to settle trade disputes between nations. One of the principles that GATT was founded on was that of nondiscrimination, meaning one country could not favor trade with another country and not give other countries the same benefits. The GATT system had several "Rounds" of negotiations to lower tariffs and the first round in 1947 successfully lowered tariffs an average of twenty-one percent. At the conclusion of the Uruguay Round on January 1, 1995 GATT was transformed from a trade accord into an organization that required membership and was an international governing body that basically created codes of conduct for trade between its members...
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