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The General Agreement on Tariffs and TradeThe General Agreement on Tariffs and Trade GATT was created in 1947 GATT is an agreement between many nations governing international trade GATT provides a place for negotiating trade issues and a framework for guiding the conduct of trade Current GATT membership includes one hundred and twenty three nations One of the major beliefs behind GATT is that more liberalized trade would help the economies of participating nations growBanks35 Some other principles of GATT are nondiscrimination what is meant by nondiscrimination is that no member of GATT can discriminate against other nations or show favoritism or give any special priviledges to any nations This allows all trading partners to be put on an equal basis A second principle tariff protection favors the use of tariffs as a clear way to protect domestic industries as opposed to nontariff measures such as import quotas A third and final principle behind GATT is providing a stable basis for trade This is acheived by binding all participating nations to agreed upon tariff levels by listing in tariff scheduales the negotiated tariffs for each countrys productsBanks 35 There has been eight conferences referred to as rounds or cycles ofGATT each of these rounds resulted in new trade agreements The most recent round is referred to as the Uruguay Round because it was launched at a conference in Punte del Este Uruguay in 1986 These negotiations concluded with the signing by more than one hundred countries of the Uruguay Round Final Act in Marrakesh Morocco in April 1994 The Uruguay Round Agreement has been described as the largest most comprhensive trade pact in history Congressional Digest The UnitedStates had a number of objectives in entering into the Uruguay Round of trade negotiations These included broadening procedures relating to trade in agricultural products extending GATT rules to trade in services never before covered by GATT increasing protection for patents copyrights
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