The General Agreement On Tariffs And Trade And The World Trade Organization Have Resulted In

Developing countries and other less powerful participants are more likely to influence the multilateral system in a round of trade negotiations than in bilateral relations with major trading nations. If fully implemented, the agreement, the first multilateral agreement reached in the WTO, will reduce trade costs by more than 14 percent and increase global exports by $1 trillion a year. It may be easier to reach an agreement through compromises – somewhere in the package there should be something for everyone. Quantitative restrictions on imports and export subsidies were generally prohibited by the GATT, but derogations were allowed in certain circumstances. The two main exceptions for Canada were the MFA and the farm products regime.

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