Evaluation of GATT

The growing acceptance of GATT / WTO , despite their shortcoming, is evinced by the increase in the number of the signatories. When the GATT was singned in 1947 , only 23 nation were party to it. It increased to 99 by the time of the seventh round and 117 countriesParticipated in the next Uruguay Round. In july 1995.there were 128 signatories. 

GATT contributed significantly to the liberalisation and growth of trade in goods.

GATT and WTO have helped to create a more liberal trading system contributing to unprecedented growth.

The last round –the 1986-94 Uruguay Round led to the creation of WTO and provided for global economic and business liberalisation of very wide scope and ramifications.

Trade liberalisation was confined mostly to goods of interest to developed countries .

The average level of tariffs on manufactured products in industrial countries was brought down from about 40 % in 1947 to nearly 3% after the Uruguay Round .

Trade liberalisation has not benefitted developing countries significantly .

The developing country export have been hit very hard by the NTBs.