While the General Agreement on Tariffs and Trade (GATT)was the treaty aimed at promoting liberal economic principles, and established the most comprehensive trade agreement in history, it became a formal institution in 1995 and was renamed the World Trade Organization. The WTO has the task of implementing the Uruguay Round of the negotiations conducted by GATT, serving as a forum for trade negotiations and providing a venue for trade review. It represents the states that conduct over 90 percent of the world's trade.