Define: Uruguay Round

The Uruguay Round refers to a series of negotiations conducted under the General Agreement on Tariffs and Trade (GATT) between 1986 and 1994. It resulted in the creation of the World Trade Organization (WTO) and the establishment of new rules and agreements governing international trade.

The main objectives of the Uruguay Round were to reduce trade barriers, promote fair competition, and establish a more predictable and transparent trading system. It aimed to liberalize trade in goods, services, and intellectual property rights.

The key agreements that emerged from the Uruguay Round include the General Agreement on Tariffs and Trade (GATT) 1994, the Agreement on Agriculture, the Agreement on the Application of Sanitary and Phytosanitary Measures, the Agreement on Technical Barriers to Trade, and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS).

The Uruguay Round significantly impacted international trade by reducing tariffs and non-tariff barriers, promoting market access for goods and services, and establishing rules for intellectual property protection. It also introduced dispute settlement mechanisms to resolve trade disputes between member countries.

Yes, the Uruguay Round had implications for developing countries. While it aimed to promote fair competition, some argue that the agreements disproportionately favored developed countries, making it challenging for developing nations to compete on an equal footing. However, it also provided opportunities for developing countries to participate in global trade and benefit from increased market access.

The Uruguay Round addressed agricultural trade by establishing the Agreement on Agriculture. It aimed to reduce agricultural subsidies, improve market access for agricultural products, and address non-tariff barriers in the agricultural sector.

The World Trade Organization (WTO) was created as a result of the Uruguay Round negotiations. It serves as the global organisation responsible for overseeing and enforcing the agreements reached during the Uruguay Round, as well as facilitating further trade negotiations and resolving trade disputes.

Yes, the Uruguay Round addressed intellectual property rights through the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS). It established minimum standards for the protection and enforcement of intellectual property rights, including patents, copyrights, trademarks, and trade secrets.

The Uruguay Round addressed trade in services through the General Agreement on Trade in Services (GATS). It aimed to liberalize trade in services by reducing barriers and establishing rules for the fair and transparent treatment of service providers across various sectors, such as telecommunications, finance, and transportation.

Yes, the agreements reached during the Uruguay Round can be modified or updated through subsequent negotiations. The WTO regularly conducts new rounds of negotiations to address emerging trade issues and adapt to changing global economic conditions.