Since the beginning of GATT in 1947, average tariffs in industrialized countries have risen from about 40% to about 5% today. These reductions helped to foster the considerable expansion of world trade after the Second World War and the consequent increase in real per capita income in both developed and developing countries. The annual benefit from the elimination of tariff and non-tariff barriers resulting from the Uruguay Round Agreement (negotiated under GATT between 1986 and 1993) was estimated at about $96 billion, or 0.4% of world GDP. . . .