A Guide to the New GATT Agreement

Publication Date: May 1994

Publisher: Heritage Foundation (Washington, D.C.)

Author(s): Joe Cobb

Research Area: Trade

Keywords: Trade and foreign aid

Type: Report

Abstract:

The new GATT agreement will make profound changes in the rules governing world trade, particularly those affecting the rapidly growing trade in services and intellectual property, which are increasingly important to American business. Among other changes, the new GATT agreement cuts average tariffs worldwide by one-third and eliminates tariffs for many goods. It also writes new trade rules to open up agriculture and textiles, and to facilitate transnational investment. The agreement is scheduled to come into force on January 1, 1995, with a period of transition up to ten years for some provisions.