The new World Trade Organization: Pacemaker for world trade?
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The Gatt Uruguay Round was finally brought to a conclusion in April following long-drawn-out negotiations. What changes are contained in the new agreements? How should we rate these changes? How important will the future World Trade Organization (WTO) be?
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- 11.Cf. “Kritik an halbherzigem Liberalisierungsfahrplan”, in: Handelsblatt, 15. 4. 1994.Google Scholar
- 21.Calculated at 1992 prices (cf. News of the Uruguay Round, April 1994, p. 23). The income effect is estimated by the OECD to be even higher: US$ 274 bn by the year 2002 (cf. OECD: Assessing the effects of the Uruguay Round, Paris 1993). A study by the OECD together with the World Bank estimates an income gain of US$ 213 bn by 2002. This does not take into account the effects of the reduction of quotas in the textile industry; cf. I. Goldin, O. Knudsen and D. van der Mensbrugghe: Trade liberalisation: global economic implications, Paris 1993.Google Scholar
- 29.cf. “Uruguay deal boosts world standardisation”, in: Financial Times, 4. 2. 1994.Google Scholar
- 30.Of the world-wide exports of services in 1992, 16.2% were from the USA, 10.2% from France, 6.5% from Italy and 6.4% from Germany; cf. Gatt Press Release of 30. 3. 1994, pp. 7, 19. The data base is inadequate, however; cf. B. Hoekman and R. Stern: International transactions in services—issues and data availability, in: R. Stern (ed.): The multilateral trading system, Ann Arbor 1992, pp. 400 ff.Google Scholar