What is the Uruguay Round of GATT?
The Uruguay Round of GATT (General Agreement on Tariffs and Trade) was a historic international trade agreement negotiated between 1986 and 1994 by the World Trade Organization (WTO). The agreement was aimed at liberalizing global trade practices and removing obstacles to free trade. It included the reduction of tariffs and other barriers to trade, dispute settlement processes, and reforms of intellectual property rights. The Uruguay Round of GATT is seen as a major milestone in international trade law, as it was an attempt to create a more stable and harmonized international trading system. The changes brought by the agreement helped increase global trade, leading to numerous economic and social benefits. In California, the Uruguay Round of GATT led to the implementation of several beneficial trade practices that allowed California businesses to enjoy increased access to foreign markets. The agreement also made it easier for foreign businesses to enter the Californian market and allowed Californian businesses to benefit from global sourcing of goods. In addition, the agreement made it possible for California businesses and consumers to benefit from lower prices due to increased competition in foreign and domestic markets. Additionally, the Uruguay Round of GATT made it easier to settle disputes between trading partners, which is especially helpful for California businesses when conducting international trade.
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