What was a result of the Uruguay Round?
The Uruguay Round reduced tariffs by 40 percent for developed countries on about $787 billion worth of trade in industrial goods. Finally, developed countries increased the level of bound tariffs from 94 percent of all goods to 99 percent of all goods.
What are the major agreements concluded at the Uruguay Round?
The key features of the Uruguay Round Final Settlement are: An agreement on agriculture to increase market access, reduce export subsidies and tariffs and eliminate non-tariff barriers. An agreement on textiles that emphasizes in particular the phased removal of quota restrictions.
What is the final act of Uruguay Round Agreement?
The agreement requires mandatory notification of all non-conforming TRIMs and their elimination within two years for developed countries, within five years for developing countries and within seven years for least-developed countries.
What was a result of the Uruguay Round quizlet?
The Uruguay Round extended GATT to cover services as well as manufactured goods. One result of the Uruguay Round was the creation of the United Nations. The lowering of trade and investment barriers allows firms to base production at the optimal location for that activity.
What agreements resulted following the Uruguay Round negotiations?
The Uruguay Round of the GATT resulted in numerous new trade-liberalizing agreements among member countries, including the General Agreement on Trade in Services (GATS), the Agreement on Agriculture, the Agreement on Textiles and Clothing (ATC), and the Agreement on Trade-Related Aspects of Intellectual Property Rights …
What is the purpose of Uruguay Round Agreement?
The main objectives of the Uruguay Round were: to reduce agricultural subsidies. to lift restrictions on foreign investment. to begin the process of opening trade in services like banking and insurance.
What was the outcome of the first round of international trade negotiations that was led by the WTO?
The first rounds dealt mainly with tariff reductions but later negotiations included other areas such as anti-dumping and non-tariff measures. The 1986-94 round – the Uruguay Round – led to the WTO’s creation. The negotiations did not end there.
What is the Uruguay Round of trade negotiation?
The Uruguay Round was the 8th round of multilateral trade negotiations (MTN) conducted within the framework of the General Agreement on Tariffs and Trade (GATT), spanning from 1986 to 1993 and embracing 123 countries as “contracting parties”.
Why was Uruguay Round important?
The Uruguay Round is the first multilateral trade negotiation to reach a comprehensive agreement on international trade in services, ranging over such varied activities as accounting to tourism.
What are the results of the Uruguay Round?
1. Ministers salute the historic achievement represented by the conclusion of the Round, which they believe will strengthen the world economy and lead to more trade, investment, employment and income growth throughout the world.
What was the final act of the Uruguay Round Agreement?
The Uruguay Round agreements The “Final Act” signed in Marrakesh in 1994 is like a cover note. Everything else is attached to this. Foremost is the Agreement Establishing the WTO (or the WTO Agreement), which serves as an umbrella agreement.
Where can I get a copy of the Uruguay Round?
Paper versions: available from the WTO on-line bookshop (Volumes 3-32 of the Legal Instruments embodying the Results of the Uruguay Round. You can select the countries which interest you from the titles and order online.) Binding commitments on how much access foreign service providers are allowed for specific sectors.
What are the legal texts of the WTO?
WTO legal texts Most of the WTO agreements are the result of the 1986–94 Uruguay Round negotiations, signed at the Marrakesh ministerial meeting in April 1994. Negotiations since then have produced additional legal texts such as the Information Technology Agreement, services and accession protocols.