General Agreement on Tariffs and Trade Rounds
The GATT held eight rounds in total from April 1947 to September 1986, each with its own significant achievements and outcomes. The first round occurred in Geneva, Switzerland, and it included 23 countries. The main subject covered during this round was tariffs. This original round led to the formation of GATT and established tens of thousands of tax concessions affecting over $10 billion in trade. In April 1949, the second round of GATT occurred, in Annecy, France. Tariffs again were the main subject, and 13 countries were involved. During this round, 5,000 more tax concessions were exchanged between countries.
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