The Uruguay Round is an agreement that dramatically lowered trade barriers worldwide and created the new World Trade Organization (WTO). This is further explained below.
Generally, The following are the primary characteristics of the Uruguay Round Final Settlement: An agreement on agriculture with the goals of expanding market access, lowering export subsidies and tariffs, and removing non-tariff obstacles. An agreement about textiles that places a strong emphasis, in particular, on the gradual removal of quota limits
In conclusion, The Uruguay Round was an agreement that resulted in a significant reduction of trade barriers all over the globe and led to the establishment of the World Trade Organization (WTO).
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