The final act of the Uruguay Round Agreement is the agreement that concluded the negotiations of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT). It established the World Trade Organization (WTO) and included various agreements covering trade in goods, services, and intellectual property.
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The final act of the Uruguay Round Agreement marked a significant milestone in global trade by concluding the negotiations of the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) and establishing the World Trade Organization (WTO). It paved the way for new rules and agreements that considerably shaped international trade in goods, services, and intellectual property.
The final act was signed on April 15, 1994, in Marrakesh, Morocco, and encompassed a broad range of agreements. These agreements aimed to facilitate trade liberalization, reduce trade barriers, and enhance cooperation among member countries. Some of the key agreements included:
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Agreement on Agriculture: This agreement addressed issues related to market access for agricultural products, domestic support measures, and export subsidies. It aimed to create a fair and market-oriented agricultural trading system.
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General Agreement on Trade in Services (GATS): GATS established a framework for the liberalization and regulation of trade in services. It covered a wide range of sectors, including finance, telecommunications, tourism, and professional services.
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Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS): TRIPS aimed to protect intellectual property rights and create a minimum standard of protection across all member countries. It provided a comprehensive framework for copyright, trademarks, patents, and other IP-related issues.
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Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement): The SPS Agreement aimed to ensure that sanitary and phytosanitary measures are based on scientific principles and do not become disguised trade barriers. It recognized the importance of maintaining food safety and animal/plant health while promoting fair trade practices.
In relation to the final act, former Secretary-General of the United Nations, Kofi Annan, once said, “The WTO agreements cover goods, services, and intellectual property. They spell out the principles of liberalization, and the permitted exceptions. They include individual countries’ commitments to lower customs tariffs and other trade barriers, and to open and keep open services markets. They set procedures for settling disputes. They prescribe special treatment for developing countries. They require governments to make their trade policies transparent by notifying the WTO about laws in force and measures adopted.”
Interesting facts about the Uruguay Round and the final act:
- The Uruguay Round negotiations took place from 1986 to 1994 and involved over 120 countries.
- The negotiations covered a wide range of topics not previously addressed under GATT, including agriculture, services, and intellectual property.
- The final act of the Uruguay Round is sometimes referred to as the Marrakesh Agreement, as it was signed in Marrakesh, Morocco.
- The establishment of the WTO marked a significant shift from GATT, transforming it from a provisional agreement to a permanent international organization.
- The Uruguay Round and the creation of the WTO paved the way for subsequent multilateral trade negotiations, such as the Doha Development Agenda and ongoing discussions on e-commerce and digital trade.
Table:
Topic: Key Agreements of the Final Act of the Uruguay Round
| Agreement | Objective |
|---|---|
| Agreement on Agriculture | Create a fair and market-oriented agricultural trading system |
| General Agreement on Trade in Services | Liberalize and regulate trade in services across various sectors |
| Agreement on Trade-Related Aspects of Intellectual Property Rights | Establish minimum standards of protection for intellectual property |
| Agreement on the Application of Sanitary and Phytosanitary Measures | Ensure science-based standards for food safety, animal health, and plant health |
See a video about the subject.
In this video, GATT (General Agreement on Tariffs and Trade) and its transformation into the WTO (World Trade Organization) are explained. GATT was created in 1947 to reduce trade barriers and tariffs among countries, leading to agreements such as the anti-dumping agreement and the reduction of trade barriers. The Uruguay round in 1993 established the WTO as a permanent institution for negotiating trade reductions and resolving policy disputes. While GATT and the WTO have had positive impacts on global trade and economic development, there are also negative aspects like job losses and environmental consequences. Ultimately, these institutions have facilitated economic globalization by promoting free trade and expanding economic relations between nations.
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Agreement Establishing the World Trade Organization.
“The Final Act Embodying the Results of the Uruguay Round of Multilateral Trade Negotiations”, signed by ministers in Marrakesh on 15 April 1994 is 550 pages long and contains legal texts which spell out the results of the negotiations since the Round was launched in Punta del Este, Uruguay, in September 1986.
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What is the Uruguay Round agreement?
As a response to this: 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.
What was the main outcome of the Uruguay Round?
Response will be: The Uruguay Round of the GATT resulted in numerous new trade-liberalizing agreements among member countries, including the General Agreement on Trade in Services (GATS), the Agreement on Agriculture, the Agreement on Textiles and Clothing (ATC), and the Agreement on Trade-Related Aspects of Intellectual Property Rights
What is the Uruguay Round Agreements Act of 1994?
Response: Uruguay Round Agreements Act – Title I: Approval of, and General Provisions Relating to, the Uruguay Round Agreements – Subtitle A: Approval of Agreements and Related Provisions – Declares that the Congress approves: (1) the Uruguay Round Agreements entered into on April 15, 1994, pursuant to the Uruguay Round of
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What was the Uruguay Round trade Deal?
As an answer to this: 1.1 The Uruguay Round was the largest ever international trade negotiation. It took place within the framework of the General Agreement on Tariffs and Trade (GATT) and was launched at Punta del Este, Uruguay on 20 September 1986 and formally concluded at Marrakesh, Morocco, on 15 April 1994.
What is the Uruguay Round Agreements Act?
An Act to approve and implement the trade agreements concluded in the Uruguay Round of multilateral trade negotiations. Golan v. Holder The Uruguay Round Agreements Act ( URAA; Pub. L. 103–465, 108 Stat. 4809, enacted December 8, 1994) is an Act of Congress in the United States that implemented in U.S. law the Marrakesh Agreement of 1994.
How long is the final act encapsulating the results of the Uruguay Round?
See Textiles “The Final Act Embodying the Results of the Uruguay Round of Multilateral Trade Negotiations”, signed by ministers in Marrakesh on 15 April 1994 is 550 pages long and contains legal texts which spell out the results of the negotiations since the Round was launched in Punta del Este, Uruguay, in September 1986.
What was the Uruguay Round?
The Uruguay Round was the 8th round of multilateral trade negotiations (MTN) conducted within the framework of the General Agreement on Tariffs and Trade (GATT), spanning from 1986 to 1993 and embracing 123 countries as "contracting parties".
When will the Uruguay Round of multilateral trade negotiations enter into force?
As a response to this: The representatives agre e on the desirability of acceptance of the WTO Agreement by all participants in the Uruguay Round of Multilateral Trade Negotiations (hereinafter referred to as “participants”) with a view to its entry into force by 1 January 1995, or as early as possible thereafter.
What is the Uruguay Round Agreements Act?
An Act to approve and implement the trade agreements concluded in the Uruguay Round of multilateral trade negotiations. Golan v. Holder The Uruguay Round Agreements Act ( URAA; Pub. L. 103–465, 108 Stat. 4809, enacted December 8, 1994) is an Act of Congress in the United States that implemented in U.S. law the Marrakesh Agreement of 1994.
How long is the final act encapsulating the results of the Uruguay Round?
See Textiles “The Final Act Embodying the Results of the Uruguay Round of Multilateral Trade Negotiations”, signed by ministers in Marrakesh on 15 April 1994 is 550 pages long and contains legal texts which spell out the results of the negotiations since the Round was launched in Punta del Este, Uruguay, in September 1986.
What was the Uruguay Round?
Response will be: The Uruguay Round was the 8th round of multilateral trade negotiations (MTN) conducted within the framework of the General Agreement on Tariffs and Trade (GATT), spanning from 1986 to 1993 and embracing 123 countries as "contracting parties".
When did the Uruguay Round of multilateral trade negotiations become effective?
Executive Documents set out below, provide generally for the implementation of the trade agreements resulting from the Uruguay Round of multilateral trade negotiations, effective Jan. 1, 1995. Proc. No. 6763. To Implement Trade Agreements Resulting From Uruguay Round of Multilateral Trade Negotiations, and for Other Purposes