1 Answer March 12, 2019
The major goals of the Uruguay Round are:
- To achieve further liberalization, of trade by reducing tariffs and other barriers to trade.
- To properly reflect the modem developments in world trade by including in GATT negotiations for the first time trade related investment measures, trade in services and intellectual property rights protection.
- To bring an end to exemptions of the GATT rules such as those granted to the agricultural, clothing and textiles sectors, and so resubmit them to GATT discipline.
- To phase out all voluntary export restraint arrangements or VERs (prevalent in industries such as steel, electrical goods and motor vehicles) whereby one country agreed to limit its exports to another country to a pre-set level. Compliance of such arrangements with GATT has always been long tolerated by GATT due to the economic and social significance of the sectors concerned.
- To improve and strengthen the GATT dispute settlement procedure in order to ensure application of GATT rules and thus render it effective and credible.