List the major agreements reached during the Uruguay Round of GATT negotiations. Which was the most notable achievement of the Uruguay Round?
An important objective of the United States in the Uruguay Round was to reduce or eliminate barriers to international trade in services.
• The General Agreement on Trade in Services (GATS) was the first multilateral, legally enforceable agreement covering trade and investment in the services sector. It provides a legal basis for future negotiations aimed at eliminating barriers that discriminate against foreign services and deny them market access.
• Trade-Related Investment Measures (TRIMs) established the basic principle that investment restrictions can be major trade barriers and therefore are included, for the first time, under GATT procedures.
• Another objective of the United States for the Uruguay Round was achieved by an agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPs ). The TRIPs agreement establishes substantially higher standards of protection for a full range of intellectual property rights than are embodied in current international agreements and it provides for the effective enforcement of those standards both internally and at the border.
• Perhaps the most notable achievement of the Uruguay Round was the creation of a new institution as a successor to the GATT—the World Trade Organization.
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