The GATT had three main provisions. The most important requirement was that each member be obliged to confer the status of the most favoured country on any other member. All members must be treated the same with respect to tariffs. It excluded special tariffs between members of the British Commonwealth and the Customs Union. It allowed tariffs if their removal causes serious damage to domestic producers. One of GATT`s most important achievements has been indiscriminate trade. Any GATT signatory should be treated like any other, known to be the nation`s most privileged principle and entered into the WTO. The practical result was that, once a country had negotiated a tariff reduction with some other countries (usually its major trading partners), this reduction would automatically apply to all GATT signatories. There were escape clauses under which countries could negotiate exemptions if their domestic producers were particularly harmed by tariff reductions. The General Agreement on Tariffs and Trade is one of the objectives of a series of global trade negotiations that took place between 1947 and 1995 in a total of nine cycles. The GATT was first conceived after the Allied victory in World War II at the 1947 United Nations Conference on Trade and Employment, in which the International Trade Organization (ITO) was one of the ideas proposed. It was hoped that the ITO would be led alongside the World Bank and the International Monetary Fund (IMF). More than 50 nations negotiated the ITO and the organization of their constituent charter, but after the withdrawal of the United States, those negotiations failed.
 The General Agreement on Tariffs and Trade (GATT) is a multilateral agreement governing international trade. According to its preamble, its objective is to “substantially reduce tariffs and other trade barriers and eliminate preferences on a mutually beneficial basis.” The GATT was negotiated at the UN Conference on Trade and Employment and was the result of the failure of negotiations on the creation of the International Trade Organization (ITO). The GATT was signed in 1947 and lasted until 1993, when it was replaced by the World Trade Organization (WTO) in 1995. The original GATT text (GATT 1947) is still in force under the WTO, subject to amendments to the GATT in 1994. Asia-Pacific Economic Cooperation (APEC) is a forum for 21 peripheral Pacific countries (officially members) to promote free trade and economic cooperation throughout the Asia-Pacific region. Created in 1989 to address 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 is working to raise living and education through sustainable economic growth and to promote a sense of community and appreciation of common interests between Asian and Pacific countries. Unlike the ITO charter, the GATT did not need congressional approval. Technically, the GATT was a 1934 agreement, in accordance with the provisions of the U.S. Reciprocal Trade Act. Derogations under Article XX of the GATT are permitted as long as the resulting measures are not unjustified or arbitrary.