GATT
GATT: General Agreement on Tariffs and Trade
Current round is called the Uruguay Round signed in 1994.
Protection from piracy and intellectual property.
- easier for high tech companies to do business in developing nations were intellectual property rules were not enforced.
Setting up of WTO (World Trade Organization)
- WTO will be an arbitrator on trade disputes and monitor trade policies. WTO will have teeth to impose sanctions and set compensation.