DECISIONS of WTO bodies on the GATT agreement are contained in the WTO`s Analytical Indexes of Law and Practice Guide Some exceptions to the MFN principle were permitted and Canada was favoured by many of them. In 1965, the United States obtained a waiver from the MFN rules for membership in the AutoMotive Products Agreement (Auto Pact). Canada did not need a waiver because it allowed companies in each country to participate, provided they complied with the rules. Like other industrialized countries, Canada has obtained exemptions to grant tariff preferences to developing countries for a number of products under the generalized preference system. Canada was also a party to the Multifibre Agreement (MFA), which allowed industrialized countries to impose quantitative restrictions on the import of textiles from developing countries (the agreement was replaced in 1995 by the WTO agreement on textiles and clothing). Among the original GATT members, Syria, Lebanon and the LICO Yugoslavia have not re-joined the WTO. Given that Yugoslavia (renamed in Serbia and Montenegro and later two shared accession negotiations) is not recognised as a direct successor to the SFRY; Therefore, its application is considered new (non-GATT). On 4 May 2010, the WTO General Council decided to set up a working group to review Syria`s application for WTO membership.   The WTO parties terminated the 1947 GATT formal agreement on 31 December 1995. Montenegro became a member in 2012, while Serbia is in the decision-making phase and is expected to become a member of the WTO in the future. The prosperity of the global economy over the past half century is due in large part to the growth of world trade, partly due to far-sighted officials who created the GATT. They have defined a number of procedures aimed at providing stability to the trading environment and thus facilitating the rapid growth of world trade. In the long term, GATT conference countries have helped to put the global economy on a solid footing and thus improve the livelihoods of hundreds of millions of people around the world.
At the 1994 meeting in Bogor, Indonesia, APEC leaders adopted Bogor`s goals of free and open trade and investment in Asia-Pacific by 2010, for industrialized countries and by 2020 for developing countries. In 1995, APEC established a business council, called the APEC Business Advisory Council (ABAC), made up of three leaders from each member economy. To achieve Bogor`s objectives, APEC is conducting work in three main areas: unlike the ITO charter, GATT did not need congressional approval. Indeed, technically, the GATT was an agreement in accordance with the provisions of the U.S. Reciprocal Trade Act of 1934. Explain the role that Asia-Pacific Economic Cooperation (APEC) plays in securing free trade, when GATT was a set of rules agreed upon by nations, that the WTO is an intergovernmental organization with its own headquarters and staff, and whose scope encompasses both traded goods and trade in the services sector and intellectual property rights. Although used for multilateral agreements, multilateral agreements have led to selective exchanges and fragmentation among members in several rounds of negotiations (particularly the Tokyo Round). WTO agreements are generally a multilateral mechanism for the settlement of GATT agreements.  The Stated objectives of the Organization are to promote international economic cooperation, international trade, employment and exchange rate stability, including by providing Member States with financial resources to cover the needs of the balance of payments. IMF Member States have access to information on the economic policies of all Member States, the ability to influence the economic policies of other members, technical assistance in banking, tax and foreign exchange, financial assistance in times of payment difficulties and increased trade and investment opportunities.