Question

Which of the following provisions is NOT contained in the Uruguay Round? Multiple Choice Agricultural subsidies were to be substantially reduced. GATT fair trade rules were to be extended to cover a wide range of services. Barriers on trade in textiles were to be significantly reduced over 10 years. The World Trade Organization was to be created to implement the GATT agreement. Tariffs were to be imposed on more than 40 percent of manufactured goods.

Answer 1

Answer: The following provisions is not contained in the Uruguay Round: Tariffs were to be imposed on more than 40 percent of manufactured goods.

In Uruguay Round, member countries brought to include GATT rules to cover trade and services. They decided to ponder on rules that protected intellectual property, reduced subsidies on agricultural products, and strengthen GATT's monitoring mechanisms.

Uruguay Round contained the following provisions:

Agricultural subsidies were to be substantially reduced.

GATT fair trade rules were to be extended to cover a wide range of services.

Barriers on trade in textiles were to be significantly reduced over 10 years.

The World Trade Organization was to be created to implement the GATT agreement.