The General Agreement on Tariffs and Trade (GATT) celebrated its fortieth anniversary in 1987. In its four decades of operation, the GATT has had many accomplishments. As a result of seven successive rounds of multilateral trade negotiations, average tariffs in industrial countries on industrial products have declined sharply, from over 40 percent in 1947 to about 5 percent today. World trade has expanded markedly, including a twentyfold increase in the volume of trade in manufactured goods. GATT’s membership has quadrupled to cover 96 countries that account for over 85 percent of world trade96 (Table A27).