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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, which will bring about the most significant liberalization of world trade in history. The EU is particularly hopeful the World Trade Organization (WTO), a more powerful successor to 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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Publication:Journal of Accountancy
Article Type:Brief Article
Date:May 1, 1994
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