General Agreement on Trade in Services
One development which was of particular significance to the globalization of education was the finalization of the Uruguay round of trade talks in 1995, from which the World Trade Organization (WTO), the body that monitors and promotes free trade, was formed. The Uruguay round also saw the creation of new trade agreements, such as the General Agreement on Trade in Services (GATS) and Trade-Related Intellectual Property Rights (TRIPs). The significance of these trade agreements was that they expanded the notion of trading in goods to include trading in services.