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Tokyo Round
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Tokyo Round

international trade
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Quick Summary

The Tokyo Round was a series of multinational trade negotiations held under the General Agreement on Tariffs and Trade (GATT). These negotiations took place from 1973 to 1979, concluding with the adoption of a series of tariff reductions that were implemented over an eight-year period starting in 1980.1

A significant outcome of the Tokyo Round was progress in addressing non-tariff issues, most notably the negotiation of a Code on Subsidies and Countervailing Duties. This code outlined unacceptable subsidy practices and established formal procedures for imposing countervailing duties on subsidized imports, requiring proof of injury to domestic competitors.1

While the Tokyo Round made strides in reducing tariffs and addressing subsidies, it also saw a departure from the most-favoured nation (MFN) principle, as signatories were not obligated to extend the code's benefits to non-signatory GATT members. The Tokyo Round was one of several important "rounds" of GATT negotiations, which ultimately led to the creation of the World Trade Organization (WTO) in 1995.12

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2 Britannica Sources
  1. international trade - The General Agreement on Tariffs and Trade
  2. General Agreement on Tariffs and Trade

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