GATT was an international body having its headquarters at Geneva and was founded in 1947 by 23 member countries including India. The body now comprises of 117 member countries of which around two-thirds are developing nations.
According to the approved GAIT accord, a Preparatory Committee would be set up, which in turn would set up the World Trade Organization (WTO), to become operational in early 1995. The WTO will act as a permanent watchdog on the International Trade and will enjoy the status similar to that of UNIDO1 wherein each member nation will have single voting right.
GATT was converted from a provisional agreement into a formal international organisation called World Trade Organization (WTO) with effect from January 1, 1995. WTO will serve as a single institutional framework encompassing GATT and all the result of the Uruguay Round.
It will be directed by a Ministerial Conference that will meet at least once every two years and its regular business will be overseen by a General Council. The WTO is a more powerful body with enlarged functions than the GATT and is envisaged to play a major role in the world economic affairs.