For example, the free trade agreement between Mexico and Chile aims to eliminate bilateral trade barriers. The goal of the free trade agreement among the Group of Three is to promote trade and investment among Venezuela, Colombia, and Mexico. There are scores of similar agreements, some between neighboring states, such as the United States and Canada, and others between distant states, such the one between the United States and Israel. Two agreements, however, affect American consumers and businessmen the most. It was founded in 1947.
Most developed countries are members.
Increasingly, less developed countries are joining, for example several Central American countries became members in the early 1990s. Although membership is considered prestigious, it requires eliminating, usually over a number of years, protectionist trade policies, often to the detriment of long protected domestic industries. As was the case in Mexico, this can be a painful process and can lead, at least initially, to balance of payment deficits where none occurred before. GATT's purpose is to promote international free trade. The Uruguay Round focused on liberalizing trade in services and agricultural products.