What is the provision of Uruguay Round Agreement?
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 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 result of the Uruguay Round of the General Agreement on Tariffs and Trade?
The Uruguay Round reduced tariffs by 40 percent for developed countries on about $787 billion worth of trade in industrial goods. The percent of industrial goods traded by developed countries with zero tariffs rose from 20 percent to 44 percent.
What are the aspects of Uruguay agreement on agriculture?
The Uruguay Round Agreement on Agriculture (URAA) was a turning point in the reform of the agricultural trade system. It imposed disciplines on trade-distorting domestic policies and established new rules in the areas of market access and export competition.
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.
Does GATT still exist?
What happened to GATT? The WTO replaced GATT as an international organization, but the General Agreement still exists as the WTO’s umbrella treaty for trade in goods, updated as a result of the Uruguay Round negotiations.
What does the Trips Agreement protect?
The TRIPS Agreement is a minimum standards agreement, which allows Members to provide more extensive protection of intellectual property if they so wish. Members are left free to determine the appropriate method of implementing the provisions of the Agreement within their own legal system and practice.
How many rounds does GATT contracting parties?
During the GATT (General Agreement on Tariffs and Trade) years, eight rounds of tariff negotiations were held between 1947 and 1994: Geneva (1947), Annecy (1949), Torquay (1950-51), Geneva (1956), Geneva (1960-61) – also known as the Dillon Round, the Kennedy Round (1964-67), the Tokyo Round (1973-79) and the Uruguay …
What are rounds in WTO?
Template:GATT and WTO trade rounds
|hide v t e GATT and WTO trade rounds|
|Annecy||April 1949||Countries exchanged some 5,000 tariff concessions|
|Torquay||September 1950||Countries exchanged some 8,700 tariff concessions, cutting the 1948 tariff levels by 25%|
|Geneva II||January 1956||$2.5 billion in tariff reductions|
What was the 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 are the 3 pillars of AOA?
The Agreement on Agriculture consists of three pillars—domestic support, market access, and export subsidies.
What is the purpose of agreement on agriculture?
The primary objective of the Agreement is to reform the principles of, and disciplines on, agricultural policy as well as to reduce the distortions in agricultural trade caused by agricultural protectionism and domestic support.