Printer Friendly

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.
COPYRIGHT 1994 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Journal of Accountancy
Article Type:Brief Article
Date:May 1, 1994
Words:141
Previous Article:GASB issues pension EDs.
Next Article:IASC issues bound volume of international accounting standards.
Topics:


Related Articles
The last round: the General Agreement on Tariffs and Trade in light of the Earth Summit.
"The tuna test." (tuna-dolphin dispute)
No deals.
Challenging the WTO.
German design: Germany's post-Nafta trade with Mexico is delivering some powerful punches. (Spotlight).
Abolishing our nation--step by step: recognizing the futility of trying to create instant world government, the Power Elite is trying to implement...
The world government two-step: regional arrangements such as the EU and the proposed FTAA supposedly promote free trade, but their real purpose is to...

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters