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Which International Organization Replaced General Agreement On Trade And Tariff

The General Agreement on Tariffs and Trade (GATT) was the first multilateral free trade agreement. It first entered into force in 1948 as an agreement between 23 countries and remained in force until 1995, when its membership increased to 128 countries. It has been replaced by the World Trade Organization. The Uruguay Round Agreement also established the World Trade Organization (WTO) as an administrative institution, replacing or subsquential to GATT and covering all agreements and arrangements concluded under the Uruguay Round. While GATT was formally concluded at the end of the Uruguay Round on 15 April 1994 and the WTO entered into force on 1 January 1995, GATT remained the WTO Framework Agreement on Trade in Goods. Countries that want to become members of the WTO must first conclude the negotiations in order to become members of the GATT. As of July 2016, 164 countries were WTO members and 21 observer governments (in the process of accession). The creation of a single European currency became an official objective of the European Economic Community in 1969. However, it was not until the advent of the Maastricht Treaty in 1993 that Member States were legally obliged to launch monetary union.

In 1999, the euro was duly adopted by eleven of the then fifteen EU Member States. It remained an accounting currency until 1 January 2002, when euro banknotes and coins were issued and the national currencies of the euro area, which at the time had twelve Member States, were phased out. The euro area (made up of EU Member States that have adopted the euro) has since grown to seventeen countries, the most recent being Estonia, which joined on 1 January 2011. All other EU Member States, with the exception of Denmark and the United Kingdom, are legally obliged to join the euro if the convergence criteria are met, but only a few countries have set target dates for accession. Sweden has circumvented its obligation to join the euro by not fulfilling the membership criteria. The prosperity of the world economy over the past half century is due in large part to the growth of world trade, which in turn is partly the result of far-sighted officials who launched gatt. .