Uruguay Round in the United States

Uruguay Round in the International Business Landscape

Definition of Uruguay Round in the context of U.S. international business and public trade policy: GATT negotiations (1986-1994) that created the World Trade Organization, slashed tariff rates, and strengthened enforcement of intellectual property rights.

Uruguay Round in the International Business Landscape

Definition of Uruguay Round in the context of U.S. international business and public trade policy: The comprehensive GATT negotiations initiated by the Punta del Este agreement of September 1986. The negotiations were originally to be completed by the end of 1990; however, a final agreement was not reached until December 1993, with the formal signing in April 1994. Substantial new agreements were reached on general tariff reduction, agricultural subsidies and quotas, textiles, safeguards, antidumping and countervailing duties, trade-related investment measures (TRIMs), rules of origin, standards, services, trade-related intellectual property rights (TRIPs), and government procurement. An unprecedented number of nations adhered to the major Uruguay Round accords–123 as of mid-1994. The Uruguay Round also created the World Trade Organization (WTO) to supersede the GATT structure and modified dispute-settlement procedures so a single country can no longer block the adoption of a panel report, although panel findings can be appealed.