What is the Uruguay Round of GATT?
The Uruguay Round of GATT (General Agreement on Tariffs and Trade) is an international trade agreement negotiated in the late 1980s and early 1990s. It was signed by over 130 countries and is the cornerstone of the current international trading system. The Uruguay Round addressed many areas of international trade, including reducing tariffs and increasing market access for agriculture and other products. It also established the World Trade Organization (WTO) to oversee the implementation of its various agreements and settlements. It was also the first global agreement to cover services and intellectual property. In Arizona, the Uruguay Round resulted in increased access to international markets for Arizona exporters. It allowed Arizona companies to increase their export sales, as tariff and non-tariff barriers to foreign markets were reduced. In addition, it increased economic growth in the state as companies gained preferential access to the larger world market. Overall, the Uruguay Round of GATT had major implications for Arizona’s international trade. It gave Arizona exporters an advantage by reducing or eliminating tariffs and other barriers impeding their access to foreign markets. It also helped to create a level playing field for Arizona companies in the global marketplace, making it easier for them to compete with foreign firms. Therefore, Arizona businesses have benefited greatly from the Uruguay Round of GATT.
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