Passage 1
Greater Wealth of Nations
Conclusion of the Uruguay Round is truly a triumph in adversity. Securing agreement among so many countries on such a complex raft of trade agreements frequently seemed an insuperable challenge in the past seven years. Whatever the shortcoming of the result, the original vision of a broad expansion of international trade law is now much closer to fulfillment. More remarkable still so is the dream that drove the founding fathers of the General Agreement on Tariffs and Trade: that of a liberal rule-based international trading system overseen by an authoritative world trade organization.
The Final Act of the Uruguay Round promise to bring farm products within GATT discipline. Inclusion of farm trade, though incomplete, will reduce the danger of international conflict over dumping of subsidized surpluses, reinforce market-based agricultural reforms that are gradually being introduced in the developed world, and give developing countries a better chance of exploiting theircomparative advantage as food producers. In textiles, gradual phasing out of the protectionist Multifibre Arrangement will eventually allow greater international competition and force overdue restructuring of textile industries in the developed world. The agreement provides for significant elaboration of rules designed to ensure that trade is fair as well as free. It promises greater clarity concerning when and for how long countries will be permitted to resort to"safeguard"measures against imports, to impose anti-dumping duties and to subsidize domestic industries.
Market-based agriculture reforms means cutting down protectionist measures in production and exports.