The purpose of this paper is to evaluate the “codes” on “non-tariff measures” (NTMs)negotiated in the Tokyo Round of Multilateral Trade Negotiations (MTN) and now being applied by the main industrialised countries. In this paper we shall briefly note the scope and coverage of these arrangements, the impact of these new, detailed understandings on the trade relations system, and more particularly, we shall note how these codes affect the trade policy relationships of the smaller countries, particularly the developing countries. We shall, in the process of evaluation,