Uruguay Round

Definition

The Uruguay Round was a series of negotiations under the General Agreement on Tariffs and Trade (GATT) that aimed to reduce global trade barriers and create the World Trade Organization (WTO). Conducted from 1986 to 1994, it involved over 120 countries and resulted in significant trade liberalization measures across various sectors.

Related terms

General Agreement on Tariffs and Trade (GATT): An international treaty created in 1948 aimed at reducing trade barriers and promoting international commerce.

World Trade Organization (WTO): An international organization established in 1995 as a result of the Uruguay Round negotiations to oversee global trade rules and facilitate negotiation and resolution of trade disputes among countries.

Trade Liberalization: The process of reducing tariffs, quotas, and other barriers to allow for free flow of goods and services across borders