Word: gattes
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...GATT provides legitimacy and an areha for the resolution of trading conflicts. Because it is an international institution, it is not usually held hostage to parochial constituency demands, as might Congress or other national parliaments...
...GATT was originally conceived as an interim organization, hence its numerous structural inadequacies. There is indisputably a need for the substantive restructuring and renegotiating of aims and the need for the expansion of issues to be addressed...
Although the current Uruguay Round is ambitious in scope (it now attempts to cover issues such as trade in services and investment as well as intellectual property), agriculture remains an intractable problem, one which must be addressed if the GATT is to regain and maintain credibility...
...benefits of the GATT have been widely acknowledged. It will help to reinvigorate a stagnant global economy. This translates into a profit of about $120 billion, one half of one percent of today's gross world product. Since its inception, the GATT has proved remarkably successful in orchestrating the reduction of world tariff rates, which have fallen from an average of 40 percent in 1947, to four percent today...
...GATT has helped to foster pro-trade policies in many developing countries, and serves an important function in providing these countries with a seat at the table and, in accordance with one of its underlying legal principles, provides a voice for each of the contracting parties...