when tarrif concession is provided by one developing country to another, it is called
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The Multilateral Trading System celebrates its fiftieth anniversary in 1998. The achievementof the system are well worth celebrating. Since the General Agreement on Tariffs and Trade began operating from Geneva in 1948, world merchandise trade has increased 16 fold and is forecasted to increase 22-fold by 1998. World trade now grows roughly three times faster than merchandise output. Global exports of goods and services are currently worth more than $6 trillion.
Once a system involving 23 countries primarily concerned with cutting tariffs, the multilateral trading system now encompasses 128 member nations dealing with virtually all manner of global commerce, including trade in services, textiles, agriculture and the international rule for the protection of patents, trademarks and copyrights.