International Trade: Observations on the Uruguay Round Agreement

GAO discussed the negotiations and agreements reached during the Uruguay Round of the General Agreement on Tariffs and Trade (GATT). GAO noted that: (1) the United States achieved many of its objectives during the Uruguay Round of GATT; (2) the agreement should promote U.S. national interests that were not previously covered by GATT including services, intellectual property rights, and agricultural trade; (3) the tariff reductions are expected to promote multilateral economic growth; (4) the lack of an agreement would have probably led to a deterioration of world trading conditions; (5) although most advisory groups are generally supportive of the agreement, they believe it will not increase access to overseas markets or protect the national textile industry; and (6) the United States will need to provide worker adjustment assistance to dislocated workers that are adversely affected by liberalized trade and monitor the implementation of the agreement to ensure that its interests are being protected and benefits are realized.