Academic journal article The George Washington Journal of International Law and Economics

The New GATT: Implications for the United States

Academic journal article The George Washington Journal of International Law and Economics

The New GATT: Implications for the United States

Article excerpt

The New GATT: Implications for the United States, edited by Susan M. Collins and Barry P. Bosworth. Washington, D.C.: The Brookings Institution, 1994. Pp. 124. $10.95 (softcover).

On July 6, 1994, the Brookings Institution held a conference in Washington examining the Uruguay Round negotiations of the General Agreement on Tariffs and Trade (GATT), which were concluded on December 15, 1993, and signed by President Clinton on April 15, 1994. The conference consisted of four papers which focused on the economic impact of trade liberalization, agriculture, the World Trade Organization (WTO), and the new areas addressed in the Uruguay Round: services and intellectual property. The New GATT: Implications for the United States contains the revised versions of these papers, a summary of the general discussions from each session of the conference, and an introduction by the editors.

In the introduction the editors emphasize the profound effect that they expect the Uruguay Round Agreements to have on the U.S. economy, even though many considered the round a failure. Ms. Collins and Mr. Bosworth attribute the disappointment in the Uruguay Round to the delay in the reduction of tariff and nontariff barriers to trade. They argue that the Uruguay Round was a substantial success because of the broad range of issues that the agreements address, some of which have never before been the subject of multilateral negotiations.

Alan Deardorff addresses the economic effects of quota and tariff reductions. Mr. Deardorff praises the Uruguay Round for continuing the momentum of unleashing market forces worldwide. According to Deardorff, the Uruguay Round enabled the world's industrialized countries to reiterate their commitment to free trade and restrain their sometimes natural inclination to protect their domestic companies from foreign competition. Deardorff discusses how tariffs are completely eliminated in a number of sectors, and how quotas will be phased out and replaced with low tariffs.

Tim Josling provides the analysis of the agricultural portions of the Uruguay Round. …

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