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We are most grateful to Felix Eschenbach for very valuable research assistance. We

By J. Michael Finger, Ludger Schuknecht, Alberto Campeas, Janet Chakarian-renouf, Stephane Choremi, Bill Davy, Sameena Dost, Marianna Gagliardi, Jessy Kreier, Markus Jelitto, Jean-pierre Lapalme, Denby Misurelli, Heinz Opels, Rosa Perrin, Suja Rishikesh-mavroides, Andras Szepesi, Raul Torres and Frank Wolter

Abstract

for their great help and numerous comments in compiling this study. The Uruguay Round market access negotiations were a success. Its tariff cuts were broader (covered a larger share of world trade) than those of the Kennedy or Tokyo Rounds. They will save importers some $50 billion/year. 1 Trade distorting agricultural policies were taken up substantively for the first time in any GATT/WTO round, non-MFA VERs were, in fact, eliminated; a legally binding agreement was reached to eliminate MFA-sanctioned restraints on exports of textiles and clothing. The developed countries agreed to tariff cuts on textiles and clothing that are deeper than those on other industrial products. Developing countries stepped forward as equal partners with the developed countries. Their tariff cuts covered as large a share of imports as those of the developing countries and were deeper – because developing country tariffs are higher, their tariff cuts will save more for importers (per dollar of imports covered) than will the cuts of th

Year: 2011
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