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?
KeywordsWorld Trade Organization Dispute Settlement Tariff Rate Uruguay Round Dispute Settlement Mechanism
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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