The multilateral trading system : the way ahead
The World Today
Since the creation of GATT in 1948, the regularization of economic protective measures between states has contributed to the healthy evolution of trade, but also to a serious failing: a shrinkage in the scope and application of the original rulings. As a result, corrective measures involving a more complete legal framework were the overarching objectives of the Uruguay Round negotiations. The outcome has been a firmer implementation of regulatory measures particularly applicable agriculture and textiles. The service sector has benefited from the creation of the General Agreement on Trade in Services whereas the TRIPS Agreement has been designed to deal with all major categories of intellectual property. However, the last and most central feature of the Uruguay Round will concern the institutional dimension - namely the resolution of disputes and the creation of the World Trade Organization.
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Seade, J. (1995). The multilateral trading system: The way ahead. The World Today, 51(8/9), 165-167.