While THE GATT was a set of rules agreed upon by nations, the WTO is an intergovernmental organization with its own headquarters and staff, whose scope covers both traded goods and trade in the service 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.  In today`s world, countries tend to enter into bilateral and regional free trade agreements because the World Trade Organization (WTO) has achieved a high level of liberalization because WTO rules are insufficient under current conditions and the multilateral trading system is not effective in providing better market access. As a result of this trend, some 400 free trade agreements are being notified to the WTO. In addition to facilitating applied tariff reductions, GATT`s contribution to trade liberalization includes “the commitment of extended-term tariff reductions (which became more sustainable in 1955), the definition of universality of non-discrimination through the treatment of the most favoured nation (MFN) and the status of domestic treatment, ensuring greater transparency in trade policies and creating a forum for negotiations and the peaceful settlement of bilateral disputes. All of these have helped to streamline trade policy and reduce trade barriers and political uncertainty.  GATT and its successor, the WTO, have succeeded in reducing tariffs. Average tariff levels for large GATT participants were about 22% in 1947, but were 5% after the Uruguay Round of 1999.  Experts attribute some of these tariff changes to the GATT and the WTO.    Turkey, a party to the 1947 General Agreement on Tariffs and Trade (GATT) and a member of the World Trade Organization (WTO) since 1995, is implementing free trade agreements in accordance with Article XXIV of the 1947 GATT.
Under this article, Turkey could give its trading partners more favourable treatment within the framework of a customs union or free trade area, without extending this treatment to all WTO members, subject to certain conditions. 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 fifth cycle was held again in Geneva and lasted from 1960 to 1962. The discussions were named after U.S. Treasury Secretary and former Undersecretary of State Douglas Dillon, who first proposed the talks.
Twenty-six countries participated in the cycle. In addition to reducing tariffs by more than $4.9 billion, it has also led to discussions on the creation of the European Economic Community (EEC).