Since then, there has been a dispute over whether this symbolic gesture was a victory for it or whether it was excluded in the future from meaningful participation in the multilateral trading system. On the other hand, there is no doubt that the three-year extension of the international cotton textile trade agreement, which has become a multi-net agreement, has had the effect of hampering developing countries` export opportunities in the longer term. The third element of the GATT structure, which was later incorporated into the WTO, is an institutional presence maintained by the work of its secretariat. It is important that the Secretariat largely monitors the implementation of dispute resolution bodies that, in fact, define the mechanism for enforcing the rules of the trading system within the WTO system. These dispute resolution bodies have accelerated considerably in recent years and have culminated in decisions in a number of key areas, including banana trade (see THE WTO Director-General`s statement to the WTO General Council, 8 March 1999). The Tokyo cycle lasted from 1973 to 1979, with the participation of 102 countries. It continued its efforts to gradually reduce tariffs. The results include an average one-third reduction in tariffs in the world`s nine major industrial markets, bringing the average tariff for manufactured goods down to 4.7%. Tariff reductions over an eight-year period have been an element of “harmonization” – the higher the tariffs, the more proportional the reduction. 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. [4] The third provision was added in 1965 and was addressed to developing countries that join the GATT.

Developed countries have agreed to eliminate tariffs on imports from developing countries in order to stimulate these economies.