The Uruguay round of GATT talks resulted in
A)reducing trade barriers and tariffs.
B)increasing trade barriers and tariffs.
C)lowering some trade barriers but increasing tariffs.
D)no changes in tariffs or trade barriers.

Question

Quizplus · Accepted Answer

The Uruguay round of GATT talks, which lasted from 1986 to 1994, resulted in reducing trade barriers and tariffs. This was achieved through the creation of the World Trade Organization (WTO), which established new rules and agreements to reduce trade barriers and increase market access for goods and services among member countries. The Uruguay Round also resulted in the creation of the General Agreement on Trade in Services (GATS) and the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS).

The Uruguay Round of GATT Talks Resulted in