Gatt entered into force on 1 January 1948. Since that beginning, it has been refined, which eventually led to the creation, on 1 January 1995, of the World Trade Organization (WTO), which registered and expanded it. At that time, 125 nations were signatories to its agreements, covering about 90% of world trade. The General Tariff Agreement and the Trade Agreement was a free trade agreement that eliminated tariffs and increased international trade. GATT was the first multilateral global free trade agreement to govern a significant share of international trade between 1 January 1948 and 1 January 1995. In May 1963, Ministers agreed on three negotiating objectives for the Round: GATT introduced the most-favoured-nation principle into customs agreements between members. .