A fundamental principle set forth in the preamble to the 1994 Marrakesh Agreement is that "substantial reduction of tariffs and other barriers to trade" will contribute to the objective of "raising standards of living."

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A fundamental principle set forth in the preamble to the 1994 Marrakesh Agreement,which established the WTO effective January 1,1995,is that "substantial reduction of tariffs and other barriers to trade" will contribute to the objectives of "raising standards of living,ensuring full employment and a large and steadily growing volume of real income." Belief in the benefits of decreasing trade barriers is widely shared in the international community.

A Fundamental Principle Set Forth in the Preamble to the 1994