Introduction:
The agreement signed at Marrakesh was established a new entity called World Trade Organization (WTO) in Geneva, which would assume the functions of the old GATT secretarial, and new procedures including a binding dispute settlement mechanism. The Marrakesh agreement also provided for further cuts in tariffs, significant reductions in agricultural subsidies, elimination of textile and apparel quotas over ten years, new trade rules for services, intellectual property, and trade-related…
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