International Trade: Observations on the Uruguay Round Agreement
(Testimony, 02/22/94, GAO/T-GGD-94-98).

After seven years of negotiations, the Uruguay Round has been concluded.
GAO testified that although specific tariff negotiations are still being
finalized, on balance the agreement so far appears to be in the U.S.
interest.  The United States achieved its most important negotiating
objectives, most studies project a net economic gain to the United
States and the world economy, and experts generally agree that rejecting
the agreement would worsen international trading conditions.
Notwithstanding the positive overall benefits, the agreement is so
complex and far-reaching that Congress will hear a wide range of views
and concerns.  This situation reflect the fact that trade liberalization
imposes costs on certain industries and their labor forces.  Effective
and adequately funded programs must be in place to address these
dislocations.  In addition, some effects of the agreement will only
become apparent over time, such as how the new dispute resolution
mechanisms will affect U.S. interests and what will be the role and
significance of the World Trade Organization.

--------------------------- Indexing Terms -----------------------------

 REPORTNUM:  T-GGD-94-98
     TITLE:  International Trade: Observations on the Uruguay Round 
             Agreement
      DATE:  02/22/94
   SUBJECT:  International relations
             Foreign trade agreements
             Foreign trade policies
             International trade
             International economic relations
             Tariffs
             International trade restriction
             International trade regulation
             Economic growth

             
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