The creation of the IATRC was first discussed at a meeting held at Stanford University in December 1979. Subsequently, the Economics, Statistics and Cooperative Service of the USDA was approached for funding (April 1980) and the IATRC held its first meeting in June-July 1980 in St. Paul, Minnesota. .

There were 13 charter members of the Consortium, representing the Economic Research Service of USDA and seven U.S. universities. Additional U.S. members joined over the years. Canadian participation and participation by the Foreign Agricultural Service of the USDA began in 1981. More international members were added in 1983. The IATRC currently has more than 180 members drawn from 25 different countries.

Funding originally came from the Economic Research Service of the USDA. The Foreign Agricultural Service joined as a funder in 1982-83. Agriculture and Agri-Food Canada, which provided financial support for Canadian participation in the IATRC since its founding, became a funding source for IATRC activities in 1990.

The objectives of the IATRC are to:

• Enhance the quality and relevance of international agricultural trade research and policy analysis
• Encourage collaborative research 
• Facilitate communication among trade researchers and analysts drawn from  universities, government agencies and the private sector in a range of countries
• Improve public understanding of international trade and trade policy issues.

Further details on the history of the IATRC are contained in the "The Blue Book" (IATRC: Origins, Objectives, Organization, Operations, and Program Plan, last revised in 1997).