Whereas it will be useful to analyse , at a later stage , both the functioning of the arrangements set up by this Regulation and the experience acquired with the measures taken by third countries for the implementation of the GATT agreements; whereas to that effect , upon expiry of the first two years of application of this Regulation , the Commission should present a report to the Council and the European Parliament.
The above sentence is very complicated. Please provide me a simplified synonymous version consisting of multiple sentences:
It will be useful to analyze at a later stage both the functioning of the arrangements introduced by this Regulation and experience with the measures taken by third countries to implement the GATT agreements . To this end , the Commission shall submit a report to the European Parliament and the Council after two years of application of this Regulation .