Multilateral trading system
GATT membership. However, almost at the end of the formal negotiations in December 1993 the United States suggested that the new body should be known as the World Trade Organization (WTO). This proposal was adopted. Multilateral trading system: the non-discriminatory arrangement for international trade which came into existence with the GATT in 1947 and which is now represented by the WTO system.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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