Word: agreement
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Dates: during 1970-1979
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Vernon added that the agreement is novel because it also restricts non-tariff barriers to trade including government purchases from domestic firms, subsidies for domestic industry and import licensing...
Rachel McCulloch, associate professor of Economics, said yesterday the agreement "allows for greater productivity in areas that countries specialize...
Raymond Vernon, Johnson Professor of International Business Government, called the pact that resulted after five years of negotiations, "a very substantial agreement, almost a landmark...
...agreement could reduce inflation by allowing competitively-priced import goods into the country, thus making the economy more export-oriented, McCulloch said...
Bhagwati said the nations signed the agreement to ward off the protectionist sentiment in international trade and thereby increase productivity. The pact's effectiveness, however, will rely on trading countries' observance of its guidelines, he added...