Quick Answer: Why is it called the Uruguay Round?

What do you mean by Uruguay Round?

The Uruguay Round is the eighth round of multilateral trade negotiations conducted within the framework of the General Agreement on Tariffs and Trade (GATT).

What happened at the Uruguay Round?

It took seven and a half years, almost twice the original schedule. By the end, 123 countries were taking part. It covered almost all trade, from toothbrushes to pleasure boats, from banking to telecommunications, from the genes of wild rice to AIDS treatments.

What is the important feature of the 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.

Which issue did the Uruguay Round not address?

which of the following issues did the uruguay round not addressed? ( migroaion (2) intellectual property rights services (4) tariff. The correct answer is (1) Migration. Apart from this, all other themes were covered in Uruguay round of the WTO multilateral trade negotiations.

Why GATT changed to WTO?

The weaknesses of the GATT was behind its failure, including the existence of legal problems, particularly in the areas of agriculture and textiles. … Since the beginning the GATT has suffered from serious problems, for this it has been for many times close to failure, and at the end eventually converted to the WTO.

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Does GATT still exist?

GATT, the international agency, no longer exists. It has now been replaced by the World Trade Organization.

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 important negotiations takes place in the Uruguay Round?

Results of the Uruguay Round Negotiations. The results of the Uruguay Round negotiations can be grouped under eight headings: industrial tariffs, rules, agriculture, textiles, trade in services, trade-related aspects of intellectual property rights (TRIPs), dispute settlement, and the new World Trade Organization.