A guide to GATT. (General Agreement on Tariffs and Trade) (Cover Story)

The Economist (US) | December 4, 1993 | Copyright

THE trade talks known as the Uruguay round are the eighth in the history of the General Agreement on Tariffs and Trade. Only 23 countries took part in the first, which were held in Geneva in 1947 and finished within the year. By contrast, the current round has 116 participants and has lasted more than seven years.

Each round builds on the work of those that came before it. In the early days the main job was cutting tariffs, and then cutting them again. The average tariff has fallen from almost 40% when the GATT was founded to 4.7% now--and will be as little as 3% if the ...

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