In addition to facilitating applied tariff reductions, GATT`s contribution to trade liberalization includes „the commitment of extended-term tariff reductions (which became more sustainable in 1955), the definition of universality of non-discrimination through the treatment of the most favoured nation (MFN) and the status of domestic treatment, ensuring greater transparency in trade policies and creating a forum for negotiations and the peaceful settlement of bilateral disputes. All of these have helped to streamline trade policy and reduce trade barriers and political uncertainty.  The IMF strives to promote international economic cooperation, international trade, employment and exchange rate stability. The third round took place in 1951 in Torquay, England.   38 countries participated in the cycle. 8,700 tariff concessions were granted for the remaining tariff on three-fourth of the tariffs that came into effect in 1948. The simultaneous rejection of the Havana Charter by the United States meant the creation of the GATT as a global federation.  A common market is the first step on the road to a single market and may, initially, be limited to a free trade area. The GATT process consisted of negotiating an agreement to remove trade barriers, signing the agreement, stopping for a period of time, and then starting negotiations on the next agreement. The roundtables at GATT and now at the WTO are presented in Table 1. Keep in mind that the first gatt negotiations were relatively short, focused on a small number of countries and focused almost exclusively on tariff reductions. However, since the 1970s, trade negotiations have lasted for years, with the participation of a large number of countries and a wider range of topics.
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 creation of the GATS was one of the key principles of the Uruguay Round, the results of which came into force in January 1995. The GATS was essentially inspired by the same objectives as its merchandise trade counterpart, the General Agreement on Tariffs and Trade (GATT): the creation of a credible and reliable system of international trade rules; Ensure fair and equitable treatment of all participants (principle of non-discrimination); boosting economic activity through guaranteed political ties; Promoting trade and development through gradual liberalization. A common market is a first step towards a single market and can be limited initially to a free trade area with relatively free trade in capital and services, but cannot be so advanced in reducing other trade barriers. The slow pace of the GATT negotiations gave rise to an old joke that GATT was really synonymous with gentleman`s Agreement to Talk and Talk. However, the slow pace of international trade negotiations is understandable, if not reasonable. Dozens of nations have approved any treaty, is a long process.
GATT has often established separate trade rules for certain economic sectors, such as agriculture, and for some countries such as low-income countries.