adminThe Herald, December 16, 1993
THE new treaty on the General Agreement on Tariffs and Trade was approved last night after more than seven years of negotiation and just hours before a final deadline.
The treaty creating the freest markets in history comes into force in 1995 and will replace Gatt with a World Trade Organisation, having the same status as the International Monetary Fund and the World Bank.
Special concessions have been granted for developing countries, who will not have to implement the deals on agricultural trade and will be allowed to cut tariffs by less than what the developed world is expected to implement.
The approval of the trade treaty concluding the Uruguay Round was announced last night by Gatt chief Mr Peter Sutherland in Geneva.
“With your approval therefore, I gavel the Uruguay Round to its conclusion,” Mr Sutherland said. He then pounded the gavel and delegates broke into loud applause and stood to salute the end of the trade talks.
The Uruguay Round between 117 nations was wrapped up after more than seven years of negotiation and aims to rewrite the rules of commerce into the next century.
LESSONS FOR TODAY
The liberalisation of tade agreement, the most far reaching in history was implemented in 1995.
The aim of the accord was to reduce tariffs and scrap a score of non-tariff barriers to international trade.
The accord was the first deal in the history of the General Agreement on Tariffs and Trade to include agriculture and financial services.
67-year-old Nigerian-American, Dr Ngozi Okonjo-Iweala, a developmental economist was the first woman of colour to become the Director-General of the World Trade Organisation, a position she holds to date.
Online Reporter