This series of meetings and tariff reductions would continue and new GATT provisions would be incorporated into the process. The average rate of duty rose from about 22% when gatt was first signed in Geneva in 1947 to about 5% at the end of the Uruguay Round, concluded in 1993, which also negotiated the creation of the WTO. Average tariffs for the main GATT participants were about 22 per cent in 1947.  As a result of the first rounds of negotiations, tariffs in the GATT core of the United States, the United Kingdom, Canada and Australia were reduced compared to other parties and non-GATT participants.  In the Kennedy Round (1962-67), the average tariff level of GATT participants was about 15%.  After the Uruguay Round, tariffs were below 5%.  The Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim countries (formerly member countries) to promote free trade and economic cooperation throughout the Asia-Pacific region. Founded in 1989 in response to the growing interdependence of Asia-Pacific economies and the emergence of regional economic blocs (such as the European Union) in other parts of the world, APEC strives to raise living standards and education levels through sustainable economic growth and to promote a sense of community and appreciation of common interests among Asia-Pacific countries. Gatt entered into force on 1 January 1948. Since that beginning, it has been refined, which eventually led to the creation of the World Trade Organization (WTO) on 1 January 1995, which absorbed and expanded it.
At that time, 125 countries were signatories to its agreements, which covered about 90% of world trade. With the implementation of NAFTA on January 1, 1994, tariffs on more than half of Mexico`s exports to the United States and more than one-third of U.S. exports to Mexico were immediately withdrawn. Within 10 years of implementing the agreement, all U.S.-Mexico tariffs would be abolished, with the exception of some U.S. agricultural exports to Mexico, which were scheduled to expire within 15 years. Most of the trade between the U.S. and Canada was already duty-free. NAFTA also aims to eliminate non-tariff barriers to trade and protect intellectual property rights in products. Some exceptions to the maximum use principle were permitted, and Canada benefited.
The United States received an exemption from the most common use rules in 1965 to participate in the Canada-U.S. Automotive Products Agreement (Auto Pact). Canada did not need a waiver because it allowed companies from any country to participate, as long as they would follow the rules. Like other developed countries, Canada has been granted exemptions to grant developing countries tariff preferences for a number of products under the Generalized System of Preferences. Canada was also a party to the Multifibre Arrangement (MFA), which allowed developed countries to impose quantitative restrictions on textile imports from developing countries (the agreement was replaced by the WTO Agreement on Textiles and Clothing in 1995). The World Bank is an international financial institution that provides loans to developing countries for various programs. A common market is a first step towards an internal market and may initially be limited to a free trade area with a relatively free movement of capital and services, but not so far ahead in reducing other barriers to trade. Measured by the combined GDP of its members, the trading bloc was the largest in the world in 2010. NAFTA has two additions: the North American Agreement on Environmental Cooperation (NAAEC) and the North American Agreement on Labour Cooperation (NAALC). .