Twenty-five years ago, on 15 April 1994, representatives from more than 120 countries met in Marrakesh, Morocco, to sign the “ greatest trade agreement in history ”, leading to the establishment of the World Trade Organization (WTO) by transforming the General Agreement on Tariffs and Trade (GATT) into the WTO.
The WTO created a new global framework for liberalizing trade in goods and services, protecting intellectual property rights, and easing trade tensions through a new dispute resolution mechanism.
The Marrakesh Agreement was the result of the 1986 to 1994 Uruguay Round negotiations, which produced more than 60 agreements and decisions totalling 550 pages, making it one of the largest treaties ever signed.
The WTO’s creation on 1 January 1995 marked the biggest reform of international trade after World War II, realising the failed attempt in 1948 to create the International Trade Organization (ITO).
Story by: Riaan de Lange