Uruguay Round Agreements

The WTO is chaired by a ministerial conference that meets at least every two years, possibly with a general council meeting. The Ministerial Conference is made up of representatives from all WTO members and can make decisions on all issues within the framework of a multilateral trade agreement. In short, the WTO is the common institutional framework for the implementation of trade relations between its members in the areas related to the agreements contained in the final act. In July 1986, in Geneva, the Office of the Director-General prepared a series of updated documents to prepare for progress. [4] As noted below, the round began in September 1986 in Punta del Este, Uruguay, followed by negotiations in Geneva, Brussels, Washington, D.C. and Tokyo. Many Uruguay Round agreements have set timetables for future work. Part of this integrated agenda started almost immediately. New or subsequent negotiations have begun in some areas. In other areas, it included assessments or audits of the situation at specific times. Some negotiations were concluded quickly, particularly in the area of basic telecommunications and financial services. (Member State governments also quickly agreed on an agreement for the free trade in computer products, a subject not on the integrated agenda.) Chapter 1 described the historical context of the round of negotiations in Uruguay and the issues that were at the centre of the round.

In this appendix, we will discuss the agreement establishing the World Trade Organization (WTO). All WMA restrictions that came into effect on 31 December 1994 would be included in the new agreement and maintained until the restrictions are lifted or the products are incorporated into the GATT. The agreement contains a formula for increasing existing growth rates for products subject to a certain reserve at any stage. Indeed, annual growth in the first phase and for each previous AMF agreement under the 1994 macroeconomic agreements is expected to be 16% higher than the growth rate set for the previous AMF limitation. For Phase 2 (including between 1998 and 2001), annual growth rates are expected to exceed levels 1 by 25%. For Phase 3 (including 2002-2004), annual growth rates are expected to exceed Phase 2 growth rates by 27%. THE GATT remains a WTO framework agreement for merchandise trade, updated following the Uruguay Round negotiations (distinction between the 1994 GATT, the updated GATT parts, and the 1947 GATT, the initial agreement that remains the heart of the 1994 GATT). [10] However, the 1994 GATT is not the only legally binding agreement contained in the final deed; a long list of some 60 agreements, annexes, decisions and agreements has been adopted. Indeed, the agreements are subdivided into a simple six-pronged structure: 1.1.1 Objectives and principles of the 1947 agreement The objective of the 1947 agreement the objective of an orderly and transparent framework to gradually remove trade barriers and thus extend international trade. To facilitate this task, the agreement contained in its text certain provisions and principles on which the negotiations were successive. Among the key elements of the agreement were the main mechanism for progress on trade liberalization under the GATT, regular multilateral rounds of negotiations.

In total, there have been eight such cycles, from the 1947 Geneva Cycle, which was set up by the GATT, to the Uruguay Round, which ended in 1994 after the creation of the WTO. The majority of the cycles focused on promoting multilateral tariff reductions and extending agreed reductions to all members, in accordance with the MFN clause. The results are summarized in Table 1.2.

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