GATT was formed in 1947 after the failure of the International Trade Organization. GATT's goals were to reduce tariffs through multilateral negotiations and ensure non-discriminatory and transparent trade. GATT held 8 rounds of negotiations from 1947 to 1994 to reduce tariffs on various goods. The final Uruguay Round extended negotiations to new areas like services and intellectual property and led to the creation of the World Trade Organization in 1994 to replace GATT.