The Uruguay Round of the World Trade Organization (WTO) negotiations, which ran between 1986 and 1994, resulted in a number of significant trade agreements that shaped the global economy in the late 20th century. Chief among these agreements were the General Agreement on Tariffs and Trade (GATT) and the Agreement on Agriculture.

The GATT was established in 1947 to promote free trade and reduce tariffs on goods between member countries. The Uruguay Round negotiations aimed to update and expand the GATT, and in 1995 the organization was replaced by the WTO.

Under the Uruguay Round, member countries agreed to reduce tariffs on a range of goods, with the aim of promoting freer and fairer trade. The negotiations also addressed non-tariff barriers to trade, such as quotas and subsidies, and established rules for intellectual property rights.

One of the most significant agreements to emerge from the Uruguay Round was the Agreement on Agriculture. This agreement aimed to reduce trade-distorting agricultural subsidies and increase market access for agricultural goods. It also established a framework for resolving disputes related to agriculture.

The Agreement on Agriculture has had a major impact on global agriculture and trade. It has led to increased competition and market access for developing countries, but has also contributed to the consolidation of large agribusiness corporations in developed countries.

Another important agreement from the Uruguay Round was the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). This agreement established minimum standards for the protection and enforcement of intellectual property rights, including patents, trademarks, and copyrights. While intended to promote innovation and investment in intellectual property, the TRIPS agreement has also been criticized for limiting developing countries` ability to access affordable medicines and technologies.

In conclusion, the Uruguay Round of WTO negotiations resulted in a number of significant agreements that continue to shape the global economy today. The GATT and the Agreement on Agriculture established frameworks for freer and fairer trade, while the TRIPS agreement set minimum standards for intellectual property protection. While these agreements have had both positive and negative effects, their impact on global trade and development cannot be overstated.