According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis."

It remained in effect until the signature by 123 nations in Marrakesh on 14 April 1994, of the Uruguay Round Agreements which established the World Trade Organization (WTO) on 1 January 1995.

ASEAN countries include Brunei, Burma, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, and Vietnam.

With robust economies and a total population of about 550 million, the 10-member countries of the ASEAN market provide significant potential opportunities for U.S. companies.

The United States and Taiwan continued to work together to enhance economic cooperation through bilateral Trade and Investment Framework Agreement (TIFA) process.

The TIFA, which was established in 1994, is an important mechanism for both parties to resolve bilateral trade issues and to address the concerns of the U.S. business community.

In 2002, Uruguay and the United States created a Joint Commission on Trade and Investment (JCTI) to exchange ideas on a variety of economic topics.

The Commission served as an important mechanism for the two countries to work to enhance and broaden their trade relationship, and facilitated the successful negotiation of the United States - Uruguay Bilateral Investment Treaty (BIT), which entered into force on November 1, 2006.