V Began in 1986 in Uruguay, so it is

sometimes called the Uruguay round

V Concluded with an agreement 8 years later
in 1994.
V Agreement signed in Marrakech, Morocco
V Agriculture was included for the first time in
an international trade agreement
V WTO created in 1995 as one result of the
negotiations
V Ministerial Conference
V General Council
î ispute Settlement Body
î Trade Policy Review Body
V Councils
î Council for Trade in Goods
î Council for Trade in Services
î Council for TRIPs
V 3
   
       

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½arry exter White and John Maynard Keynes
at the Bretton Woods Conference ³ both
economists recommended the
establishment of three institutions:

IMF (fiscal and monetary issues)

World Bank (financial and structural issues)
ITO (international economic cooperation)
 Principles of the trading system

The WTO establishes a framework for trade

policies. That is, it is concerned with
setting the rules of the trade policy
games.

Five principles are of particular

importance in understanding both the
pre-1994 GATT and the WTO:
V Œon-iscrimination.
º most favoured nation
º national treatment

V Reciprocity
V Binding and enforceable commitments
V Transparency

V Safety valves
º articles allowing for the use of trade
measures to attain noneconomic objectives
º articles aimed at ensuring "fair competition´
º provisions permitting intervention in trade for
economic reasons
V Seattle ² a rough start (1999)
agriculture, services, intellectual property
rights, government procurement
(contracts)

Voha ² millenium round (2001)

Agricultural subsidies, Foreign investment
protection, Trade remedy laws

V Cancun ² (2003)
 !"#$%