GATT was basically a provisional agreement.

It allowed existing
domestic legislation to continue even if it violated a GATT
agreement. GATT prescribed an international code of conduct in the
sphere of trade. But there was no enforcement authority to ensure
the compliance of these regulations by contracting parties. As a
result, the impact of GATT on the orderly development of
international trade was less.
Another prevalent issue was that a large number of areas were
blatantly ignored under GATT. For instance, sectors like agriculture
and most of the services such as insurance, banking, construction
etc. escaped liberalization. Manufacturing sector was…

Another major criticism is that gains to developing countries on

account of GATT were ridiculously small. Developed countries
enjoyed a more liberalized trading environment, growing non-tariff
barriers were severely affecting the exports of developing countries.
Developed countries were increasing the protectionism while
developing countries were liberalizing. Less developed countries
could not bargain effectively and they could not reap much benefits
from GATT.

Wto
Wto has left its impact on the globalized world, however, it still has to make
any progress or become more sensitive towards several issues.

Despite wto’s trade agreements, The trade reform process is incomplete in many countries. For
instance, some high tariff still remain on which negotiations are still proceeding at various levels,
notably in the areas of basic telecommunications and financial services. Also, There appears to have
been at least some reversals in the overall liberalisation process in some developing countries owing
to increasing anti-dumping measures, selective tariff increases and investment related measures;

Wto has faced a severe backlash due to a number of rulings where in

The interests of international trade, which are primarily the interests of transnational corporations,
took precedence over local concerns and policies even if such a course exposes the local population
to serious health and security risks. Wtos ruling on several cases such as the one with regards to
European ban on hormone-treated meat, japan’s differential taxation policy on domestic and
imported liquor, have raised the ire of anti-globalisation advocates.
the WTO has often been criticised for trade rules which are still unfavourable towards developing
countries. Many developed countries went through a period of tariff protection; this enabled them to
protect new, emerging domestic industries. Concerns has been raised that the combination of
globalisation and technological change creates a premium on high-skill as against low-skill with
growing social divisions. The policies and rules appropriate or advantageous to the industrialised
world are getting established as common rules to be obeyed by the developing world as well. As a
result, ‘one size fits air approach is increasingly getting embedded in the WTO rules and disciplines.

Another adverse impact is that Free trade may prevent developing economies develop their infant
industries. For example, if a developing economy was trying to diversify their economy to develop a
new manufacturing industry, they may be unable to do it without some tariff protection.

Another point of contention is that WTO has rules which favour multinationals. For example, 'most
favoured nation' principle means countries should trade without discrimination. This has advantages
but can mean developing countires cannot give preference to local contractors, but may have to
choose foreign multinationals - whatever their history in repatriation of profit, investment in area.

WTO trade deals still encompass a lot of protectionism in areas like agriculture. Protectionist tariffs
which primarily benefit richer nations, such as the EU and US.