After 7 Years, 117 Nations Agree: Cut Tariffs, Open Trade

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Amid scenes of exhilaration, officials from 117 countries approved on Wednesday a world trade treaty that they hailed as opening up markets and spurring economic growth into the 21st century.

The new General Agreement on Tariffs and Trade, or GATT, slashes tariffs on thousands of manufactured products, smashing export barriers on everything from computer chips to potato chips. It also expands for the first time the rules of world trade to cover agricultural products and the rapidly expanding services sector.

"I intend to raise this gavel and to conclude the Uruguay Round as a success after seven long years," said Peter Sutherland, head of the trade talks, as he …