Question

41. Identify the statement that is not a reason of the U.S. initiative for initiating a proposal of a new round of GATT talks In 1982?

a. Extend GATT coverage to areas such as IPRs and investment

b. Bring other developed nations more effectively into the international trading system

c. Improve market access for U.S. through reduction of tariff/nontariff barriers and extend GATT coverage to areas such as IPRs and investment

d. Improve market access for U.S. through reduction of tariff/nontariff barriers

Answer 1

Answer:

At times it seemed doomed to fail. But in the end, the Uruguay Round brought about the biggest reform of the world’s trading system since GATT was created at the end of the Second World War. And yet, despite its troubled progress, the Uruguay Round did see some early results. Within only two years, participants had agreed on a package of cuts in import duties on tropical products — which are mainly exported by developing countries. They had also revised the rules for settling disputes, with some measures implemented on the spot. And they called for regular reports on GATT members’ trade policies, a move considered important for making trade regimes transparent around the world.