universalism. 1  universal character; universality. 2  a universal range of knowledge, interests, or activities. ( 3 initial capital letter) the doctrine that emphasizes the universal fatherhood of God and the final salvation of all souls. Compare apocatastasis (def 2).
The World Trade Organization, an institution that arbitrates trade disputes. Strategic Trade Policies Policies designed to get more of the benefits from trade in a country than would exist under free trade.
The Uruguay Round concluded with a signed agreement in late 1993. Subsequent ratification by the United States, in December 1994, and by other member countries established new global trading rules and created the World Trade Organization (WTO) to replace GATT.GATT had been both a forum for trade negotiations and a set of agreed upon rules governing trade between member countries.ubsequent ratification by the United States, in December 1994, and by other member countries established new global trading rules and created the World Trade Organization (WTO) to replace GATT. GATT had been both a forum for trade negotiations and a set of agreed upon rules governing trade between member countries.