The summit almost resulted in a third organization. This should be the very ambitious International Trade Organization (ITO). The 50 countries that started negotiations wanted an agency within the United Nations to create rules, not only for trade, but also for jobs, agreements on raw materials, trade practices, foreign direct investment and services. The ITO charter was adopted in March 1948, but the U.S. Congress and a few other countries refused to ratify it. In 1950, the Truman administration declared defeat and completed the ITO. The GATT came into force on January 1, 1948. From that beginning, it was refined, which eventually led to the creation, on 1 January 1995, of the World Trade Organization (WTO), which absorbed and extended it. To date, 125 nations signed its agreements, which covered about 90% of world trade. Excluding some countries, these agreements may transfer the composition of trade from low-cost countries not parties to the agreement to high-cost countries.
The third round took place in 1951 in Torquay, England.   38 countries participated in the cycle. 8,700 tariff concessions were granted for the remaining tariff on three-fourth of the tariffs that came into effect in 1948. The simultaneous rejection of the Havana Charter by the United States meant the creation of the GATT as a global federation.  The details of the GATT were changed in the decades following its creation. The main objective of the continuation of the negotiations was the continuation of the reduction of tariffs. In the mid-1960s, the Kennedy Round added an anti-dumping agreement. The Tokyo Round of the 1970s improved other aspects of trade. The Uruguay round lasted from 1986 to 1994 and created the World Trade Organization. In the end, this resulted in an average 35% reduction in tariffs, with the exception of textiles, chemicals, steel and other sensitive products; In addition to a 15% to 18% reduction in tariffs on agricultural and food products. In addition, the chemical negotiations resulted in an interim agreement on the abolition of the US selling price (ASP).