At Punta del Este it had been agreed that the negotiations were to be a `single undertaking'. With the proposal to create the WTO, the concept of a single undertaking was redefined to mean that all GATT contracting parties had to become a WTO member. There was no alternative-remaining a member of GATT 1947 would have
no value given that it was an institutional entity that was effectively going to disappear.
...more
