General Agreement on Tariffs and Trade:

Uruguay Round Final Act Should Produce Overall U.S. Economic Gains (Volume 2)

GGD-94-83B: Published: Jul 29, 1994. Publicly Released: Jul 29, 1994.

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GAO presented a reference document assessing the major issues associated with the 1994 Uruguay Round of the General Agreement on Tariffs and Trade (GATT). The assessment: (1) discusses the original trading problems that led to the Uruguay Round negotiations; (2) identifies U.S. negotiating objectives; (3) presents the results of negotiations as provisions of the final agreement; (4) analyzes the likely impact of the agreement, including whether it resolves the original trading problems; and (5) discusses issues that remain in contention and those that require further evaluation.

GAO reported information on the Uruguay Round's efforts to liberalize trade and investment worldwide, addressing six major areas of the agreement: (1) the agreement's efforts to facilitate increased worldwide trade in goods through reduction in tariffs; (2) the agreement's creation of the World Trade Organization and related revised dispute resolution procedures; (3) the agreement's revision of multilateral trade rules regarding subsidies, antidumping, and safeguards; (4) the agreement's expansion of coverage to new areas, including intellectual property, services, and trade-related investment; (5) the agreement's further expansion in areas already covered by GATT, including agriculture, textiles and clothing, government procurement, and trade and the environment; and (6) other negotiations linked to the Uruguay Round, including multilateral steel and aircraft subsidies negotiations.

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