The Marrakech Agreement, manifested by the Marrakech Declaration, was an agreement signed in Marrakech, Morocco, on 15th April 1994, establishing the World Trade Organization, which officially came into being on January 1, 1995.
The agreement developed out of the General Agreement on Tariffs and Trade, supplemented by a number of other agreements on issues including trade in services, sanitary and phytosanitary measures, trade-related aspects of intellectual property and technical barriers to trade. It also established a new, more efficient and legally binding means of dispute resolution. The various agreements which make up the Marrakech Agreement combine as an indivisible whole; no entity can be party to any one agreement without being party to them all.
Famous quotes containing the word agreement:
“Culture is the tacit agreement to let the means of subsistence disappear behind the purpose of existence. Civilization is the subordination of the latter to the former.”
—Karl Kraus (1874–1936)