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An examination of the current world trading regime and the prospects for freer trade in the future. The text describes the trade negotiations known as the Uruguay Round, which took place in the context of the GATT and which led to the establishment of the World Trade Organization at the end of 1994. There is a brief summary of the history of the negotiations and GATT rules in each case, but the main focii are the results of the negotiations themselves. Also included is up-to-date information on advances in the trade field since the Round, in such areas as telecoms and information technology, and a discussion of the main issues the WTO will have to confront in the future.