EU approves GATT agreement (European Union, General Agreement on Tariffs and Trade) (Brief Article)The European Union Council of Ministers formally approved the Uruguay Round of the General Agreement on Tariffs and Trade General Agreement on Tariffs and Trade (GATT), former specialized agency of the United Nations. It was established in 1948 as an interim measure pending the creation of the International Trade Organization. , which will bring about the most significant liberalization lib·er·al·ize v. lib·er·al·ized, lib·er·al·iz·ing, lib·er·al·iz·es v.tr. To make liberal or more liberal: "Our standards of private conduct have been greatly liberalized . . . of world trade in history. The EU is particularly hopeful the World Trade Organization (WTO See World Trade Organization. ), a more powerful successor to GATT See General Agreement on Tariffs and Trade. GATT See General Agreement on Tariffs and Trade (GATT). , will strengthen the framework for multinational trade. The WTO will begin operations when the Uruguay Round takes effect in January 1995. The EU will strengthen trade defenses by processing complaints from EU industry faster and will require only a simple majority to approve antidumping and antisubsidy actions. Previously, a qualified majority vote was necessary. In addition, the EU agreed to allocate 400 million ecu to assist Portugal in modernizing its textile industry, which accounts for over 30% of its exports and will be hard hit by the Uruguay Round Tariffs and Trade agreement. |
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