The Uruguay Round Replaced General Agreement

In this context, U.S. and Community negotiators had a series of bilateral discussions that resulted in an agreement known as the Blair House Agreement. The meeting in November 1992 was held at Blair House in Washington and focused on the appropriate modification of the black text. These amendments contained the following: the Uruguay Round began in 1986. It was the most ambitious cycle to date that hoped to extend GATT`s jurisdiction to important new areas such as services, capital, intellectual property, textiles and agriculture. 123 countries participated in the cycle. The Uruguay Round was also the first round of multilateral trade negotiations in which developing countries played an active role. [16] The sixth round of GATT multilateral trade negotiations, which took place from 1964 to 1967. It was named after U.S. President John F. Kennedy in recognition of his support for the reformulation of the U.S.

trade agenda, which culminated in the Trade Expansion Act in 1962. This legislation has given the president the greatest bargaining power of all time. The fifth cycle was held again in Geneva and lasted from 1960 to 1962. The discussions were named after U.S. Treasury Secretary and former Undersecretary of State Douglas Dillon, who first proposed the talks. Twenty-six countries participated in the cycle. In addition to reducing tariffs by more than $4.9 billion, it has also led to discussions on the creation of the European Economic Community (EEC). Sometimes he seemed doomed to fail.

But in the end, the Uruguay Round led the largest reform of the global trading system since the creation of the GATT at the end of World War II. And yet, despite its turbulent progress, Uruguay`s cycle has achieved some early results. In just two years, participants agreed on a package of import duty reductions on tropical products, mainly exported by developing countries. They had also revised the dispute resolution rules, with some measures implemented on the ground. And they called for regular reports on the trade policy of GATT members, a measure considered important to make trade rules transparent globally. In preparation for the GATT, the 23 signatory countries negotiated among themselves the removal of certain tariffs and other trade barriers. Canada has negotiated bilaterally with seven of the countries. His discussions with the United States were the most important that took place at that time. Canada had negotiated trade agreements with the United States in 1935 and 1938, but after signing the GATT, the two nations became the fundamental agreement governing trade relations between them and succeeded the 1938 agreement (see Canada-U.S. economic relations).

The GATT rules provide that each Member State grants all members the same powers and other trade measures it grants to the most favoured nation (MFN) with which it negotiates. This is called the MFN principle and it was put in place to eliminate commercial discrimination. The issue of trade with the agricultural sector was virtually excluded from the GATT at an early stage of the agreement. The general consensus was that agriculture is a unique economic sector that, for reasons of national food security, cannot be treated like other sectors.

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