What Was the Outcome for Gatt after the Ratification of the Uruguay round Agreements

The General Agreement on Tariffs and Trade (GATT) was an international trade agreement signed in 1947 with the aim of reducing trade barriers and promoting international trade. The agreement had undergone several rounds of negotiations, with the Uruguay Round being the eighth and final one. The Uruguay Round agreements were signed in 1994 and brought significant changes to GATT, resulting in the establishment of the World Trade Organization (WTO).

So, what was the outcome for GATT after the ratification of the Uruguay Round agreements?

The Uruguay Round agreements were aimed at updating and modernizing GATT. The negotiations covered a broad range of issues related to international trade. Some of the changes included reducing trade barriers, expanding market access, and promoting fair competition.

One of the significant outcomes of the Uruguay Round agreements was the establishment of the World Trade Organization (WTO). The WTO replaced GATT as the body responsible for trade negotiations and dispute settlements. The creation of the WTO provided a more comprehensive framework for global trade, with the organization having more powers and responsibilities than GATT.

The Uruguay Round agreements also brought about significant changes in the agriculture sector by implementing new rules that govern agricultural trade. The agreement aimed to reduce farm subsidies and other trade-distorting policies, leading to more open and fair competition. The Uruguay Round also extended GATT`s scope to include services, intellectual property, and investment.

The Uruguay Round agreements were significant for developing countries as they provided them with a broader range of opportunities to engage in international trade. Developing countries were granted special provisions that allowed them to protect their domestic markets and industries while providing them with the chance to compete fairly in the global marketplace.

In conclusion, the ratification of the Uruguay Round agreements brought about significant changes to GATT. The creation of the WTO provided a more comprehensive framework for international trade negotiations and dispute settlement. The agreement also expanded GATT`s scope, covering areas such as agriculture, services, intellectual property, and investment. The Uruguay Round agreements provided opportunities for developing countries to engage in international trade and compete fairly in the global market. Overall, the Uruguay Round agreements were a significant milestone in the history of international trade.