Marrakesh Agreement Uruguay round

The Marrakesh Agreement Uruguay Round: What You Need to Know

The Marrakesh Agreement Uruguay Round is one of the most significant agreements in the history of the World Trade Organization (WTO). It was signed on April 15, 1994, in Marrakesh, Morocco, and it marks the end of a six-year negotiation process known as the Uruguay Round.

The agreement has far-reaching implications for world trade, as it aimed to reduce trade barriers and increase international cooperation. Here`s what you need to know about this important agreement.

Background and Negotiations

The Uruguay Round negotiations were launched in 1986 in Punta del Este, Uruguay. The goal was to reduce tariffs and other trade barriers and to establish new rules for international trade. The negotiations involved more than 120 countries and lasted for six years, making it the longest and most comprehensive trade negotiation in history.

The Marrakesh Agreement was the final act of the Uruguay Round. It was reached after a series of negotiations and agreements on different trade sectors, such as agriculture, intellectual property, services, and textiles and clothing.

Key Provisions

The Marrakesh Agreement contains several key provisions that have shaped the world trading system. Here are some of the most significant ones:

1. Creation of the World Trade Organization

The Marrakesh Agreement established the World Trade Organization (WTO) as the successor to the General Agreement on Tariffs and Trade (GATT). The WTO is responsible for implementing the agreements reached during the Uruguay Round and for ensuring their continued enforcement.

2. Reduction of Tariffs and Trade Barriers

The agreement aimed to reduce tariffs and other trade barriers on goods and services, particularly in developed countries. This was done through a series of negotiations on specific sectors, which resulted in the creation of new rules and the elimination of barriers.

3. Protection of Intellectual Property

The Marrakesh Agreement established new rules for the protection of intellectual property rights, including patents, trademarks, and copyrights. These rules aim to ensure that intellectual property is protected and that creators are adequately compensated for their work.

4. Liberalization of Trade in Services

The agreement aimed to liberalize trade in services, including financial services, telecommunications, and transportation. This was done through the creation of new rules and the elimination of barriers.

Impact and Significance

The Marrakesh Agreement Uruguay Round has had a significant impact on world trade. It has led to a reduction in tariffs and other trade barriers, which has made it easier for businesses to trade internationally. It has also established new rules for intellectual property protection and liberalized trade in services.

The agreement has helped to increase international cooperation and has created a more level playing field for businesses across the world. It has also led to the establishment of the WTO as a key player in the world trading system.

Conclusion

The Marrakesh Agreement Uruguay Round is a significant agreement that has shaped the world trading system. It has led to the creation of the WTO and has established new rules for trade in goods and services, as well as intellectual property protection. The agreement has helped to increase international cooperation and has created a more level playing field for businesses across the world.