By Usama Malik
After eight years of negotiations, the Uruguay Round of discussions finally wrapped up, resulting in the creation of the World Trade Organization (WTO) on 1 January 1995. This complex agreement brought numerous changes in the multilateral trading system, covering institutional and rule changes. This article discusses the significant impacts that the implementation of the WTO agreements has had on the world, both negative and positive. It analyzes the effects on trade in the developing states of Special & Differential Treatment, tariffs, The Uruguay Round, laws regarding textile trading and agriculture, anti-dumping laws and countervailing, standards and technical barriers and The Doha Round, concluding with a note on challenges that the WTO needs to address in the future, in order to improve the effectiveness of its operations.