Uruguay Round
Quick Summary
The Uruguay Round was a series of multilateral trade negotiations held under the General Agreement on Tariffs and Trade (GATT) from 1986 to 1994. This round was the most ambitious in GATT's history, aiming to liberalize global trade.123
Key outcomes of the Uruguay Round included:
* A significant reduction in tariffs on industrial goods, averaging 40 percent.1
* Agreements to reduce agricultural subsidies.1
* Groundbreaking new rules for trade in services.1
* The establishment of the World Trade Organization (WTO) as the successor to GATT, creating a stronger global body to regulate international trade.12
The Uruguay Round officially concluded on April 15, 1994, marking a pivotal moment in the evolution of international trade policy.1
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- General Agreement on Tariffs and Trade
The Uruguay Round negotiated the most ambitious set of trade-liberalization agreements in GATT’s history. The worldwide trade treaty adopted at the round’s end slashed tariffs on industrial goods by an average of 40 percent, reduced agricultural subsidies, and included groundbreaking new agreements on trade in services.…
Read MoreThe Uruguay Round negotiated the most ambitious set of trade-liberalization agreements in GATT’s history. The worldwide trade treaty adopted at the round’s end slashed tariffs on industrial goods by an average of 40 percent, reduced agricultural subsidies, and included groundbreaking new agreements on trade in services.…
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international tradeThe General Agreement on Tariffs and TradeThe Uruguay Round led to the replacement of GATT by the WTO in 1995. Whereas GATT focused almost exclusively on goods (though much of agriculture and textiles were excluded), the WTO encompassed all goods, services, and intellectual property, as well as some investment policies. The combined…
Read MoreThe Uruguay Round led to the replacement of GATT by the WTO in 1995. Whereas GATT focused almost exclusively on goods (though much of agriculture and textiles were excluded), the WTO encompassed all goods, services, and intellectual property, as well as some investment policies. The combined…
Read More
World Trade OrganizationOrigins…and clarifications negotiated during the Uruguay Round (referred to as “Understandings”) plus a dozen other multilateral agreements on merchandise trade. GATT 1994 became an integral part of the agreement that established the WTO. Other core components include the General Agreement on Trade in Services (GATS), which attempted to supervise and…
Read More…and clarifications negotiated during the Uruguay Round (referred to as “Understandings”) plus a dozen other multilateral agreements on merchandise trade. GATT 1994 became an integral part of the agreement that established the WTO. Other core components include the General Agreement on Trade in Services (GATS), which attempted to supervise and…
Read More
