Uruguay Round
Template:Infobox international agreement
The Uruguay Round was the 8th round of multilateral trade negotiations conducted within the framework of the General Agreement on Tariffs and Trade (GATT), spanning from 1986 to 1994. It led to the creation of the World Trade Organization (WTO) and was the most comprehensive trade agreement in history at the time.
Background[edit | edit source]
The Uruguay Round was launched in Punta del Este, Uruguay, in September 1986. It aimed to extend the trading system into several new areas, notably trade in services and intellectual property, and to reform trade in the sensitive sectors of agriculture and textiles.
Key Agreements[edit | edit source]
The Uruguay Round resulted in the following key agreements:
- The establishment of the World Trade Organization (WTO), which replaced GATT as the global framework for trade negotiations and dispute resolution.
- The Agreement on Agriculture, which aimed to reduce agricultural subsidies and protection.
- The Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), which set minimum standards for the protection of intellectual property rights.
- The General Agreement on Trade in Services (GATS), which extended the multilateral trading system to the service sector.
- The Agreement on Textiles and Clothing, which aimed to phase out the Multi-Fibre Arrangement and integrate the textile sector into GATT rules.
Impact[edit | edit source]
The Uruguay Round significantly reduced tariffs and trade barriers, leading to increased global trade and economic growth. It also established a more robust system for resolving trade disputes through the WTO's Dispute Settlement Body.
Criticism[edit | edit source]
Despite its successes, the Uruguay Round faced criticism for its perceived bias towards developed countries and the challenges it posed to developing nations in implementing the new agreements, particularly in areas like intellectual property and services.
See Also[edit | edit source]
References[edit | edit source]
Bernard M.,
The Political Economy of the World Trading System, Oxford University Press, 2001,
The Uruguay Round Full text,
, World Trade Organization,
External Links[edit | edit source]
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