The Multilateral Trading System:
50 years of achievement
Second round of multilateral
The first round, with 23 countries meeting in Geneva in 1947, led to the establishment of GATT itself, as well as some 45,000 reductions in participants' customs duties. It was held in preparation for the Havana conference.
In this second round, participants agreed to exchange some 5,000 tariff concessions, and 10 more countries signed the General Agreement.