Reshaping The World Trading System A History Of The Uruguay Round

Tracing the history and evolution of the Uruguay Round, this book seeks to explain how it came about, why it covered the subjects it did, what the participants sought, & the twists, turns, setbacks & successes in each sector of the negotiations.

The Uruguay Round, perhaps the most ambitious programme of worldwide negotiations ever attempted on any economic subject, lasted over seven years from 1986 to 1994. The success of the Uruguay Round has defined the shape of the world trading system for the next generation. The agreements reached have set in place a new World Trade Organization and new rules for trade and economic development worth hundreds of billions of dollars in the years ahead. This book traces the history and evolution of the Uruguay Round. It seeks to explain, in an accessible and non-technical way, how the Uruguay Round came about, why it covered the subjects it did, what the participants sought, and the twists, turns, setbacks and successes in each sector of the negotiation.

The GATT was established in 1947 as a multilateral agreement on international trade. Of the eight rounds of negotiations, the Uruguay Round, covering the period from 1981 to 1994, had the widest participation and involved the most intensive negotiations. It was also the most comprehensive round, encompassing new areas such as trade in services and the protection of intellectual property, as well as longstanding problem areas such as agriculture and textiles. Most significantly, this round resulted in the establishment of a permanent World Trade Organization, which will provide the institutional basis for future international trade and a forum for settlement of disputes.

There are growing pressures to reform the international trading system beyond whatever is accomplished in the Uruguay Round. This study assesses the present GATT system and concludes that the need for further reform is far-reaching. Whalley finds that the principles underlying the current system - nondiscrimination and multilateralism - will not adequately serve in the future to reduce trade barriers and promote the benefits of trade. The study outlines new approaches to reduce the level of protection and harness new regional trading arrangements to improve global economic performance.

The book examines the current world trading regime and the prospects for freer trade in the future. It describes the trade negotiations known as the Uruguay Round which took place in the context of the GATT and which led to the establishment of the World Trade Organization at the end of 1994. The book contains a brief summary of the history of the negotiations and GATT rules in each case - drawing on the author's first-hand experience - but focuses more on the results of the negotiations themselves. It contains up to date information on advances in the trade field since the Round in such areas as telecoms and information technology. It discusses the main issues the WTO will have to confront in the future.

Contains ten papers which examine the achievements of the Uruguay Round of trade negotiations in reforming the world trading system and the challenges to the future reforms.

World Bank Discussion Paper No. 301. This paper reviews historical events in world oil and energy markets and projects world oil demand, supply, and prices to 2010. It discusses previous forecasting errors, focusing on the overly pessimistic view of non-OPEC supplies and the resulting implications for higher oil prices. The study concludes that significantly higher or lower oil prices are unlikely over the forecast period. A continuation of recent prices in real terms is more likely, and there is a greater risk in the near-to-medium term of a further decline in real oil prices. The conclusions have implications for developing countries, energy markets, energy policies, and environmental issues.

An examination of the current world trading regime and the prospects for freer trade in the future. The text describes the trade negotiations known as the Uruguay Round, which took place in the context of the GATT and which led to the establishment of the World Trade Organization at the end of 1994. There is a brief summary of the history of the negotiations and GATT rules in each case, but the main focii are the results of the negotiations themselves. Also included is up-to-date information on advances in the trade field since the Round, in such areas as telecoms and information technology, and a discussion of the main issues the WTO will have to confront in the future.