EU approves GATT agreement (European Union, General Agreement on Tariffs and Trade) (Brief Article)
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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