Word: gattes
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...recent Bush initiative in the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) is the latest demonstration of the administration's penchant for "managed" trade...
Bush is using the current GATT talks to push for quotas on European agricultural production (cereals by 13 million tons, soybeans by 6 million tons), quotas for European agricultural imports (to 5 percent of European consumption) and an immediate end to European Common Agricultural Policy (CAP) farm subsidies--without any parallel American commitment...
Unless the seven major industrial democracies break the impasse, the Uruguay Round is headed for disaster and GATT itself for collapse. The result could be the wrong kind of new world order...
...GATT is the imperfect, sputtering but indispensable engine of globalization. It prods all nations in the direction of vigorous, profitable and peaceful commerce with one another. Paradoxically, GATT thrived when the world was divided between the camps of the two superpowers and the U.S.'s principal trading partners were also its military allies, united in the common cause of opposing the Soviet threat. As recently as three years ago, the U.S. and the West Europeans would have found a way to finesse their current dispute over cereals and seed...
...most important questions for the coming decade is whether this new trend of regionalization ends up being compatible with globalization. The answer will depend largely on whether GATT continues to nudge the world toward one giant free-trade zone. If GATT survives, the odds are better that regionalism will give way to transregionalism, just as nationalism has already given way to transnationalism in Western Europe. If, however, GATT dies, the opposite could happen: the temptation to form regional clubs could, over time, supplant and undermine global cohesion. Europe, North America and East Asia may evolve into three internally open...