Word: gattes
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...liberalization of trade extends beyond Canada and the U.S. Multilateral negotiations among 96 nations of the General Agreement on Tariffs and Trade (GATT) are scheduled to continue in Montreal next week, and the Canadian approval of the bilateral agreement should have a positive impact on those talks. Several items incorporated into the U.S.-Canada accord, including intellectual property rights and the liberalization of agriculture and service industries, will be on the table in Montreal...
...such capitalist cabals as the General Agreement on Tariffs and Trade and the International Monetary Fund. The question is whether they are willing to make the substantial accommodations involved. Says Peter Peterson, former Commerce Secretary under Richard Nixon and now chairman of the Council on Foreign Relations: "For GATT, this would mean having market prices for commodities in order to prevent unfair dumping practices. For the IMF, this would mean, among other things, being open about the size of their gold reserves...
...umbrella for the new talks will be the General Agreement on Tariffs and Trade, a treaty created in 1947 and administered by a staff based in Geneva. The GATT group, which includes 92 countries, has staged seven epic rounds of trade talks, the most recent one dragging on from 1973 to 1979. The negotiations brought substantial reductions in tariffs, but GATT members thought it was time for another round. Reason: too many countries have circumvented the group's rules by raising a thicket of nontariff barriers, including import quotas, product standards and other obstacles to free trade. Said Leopoldo Tettamanti...
...Administration sees the GATT round as a way to pre-empt Congress, since productive trade talks could open up foreign markets to increased U.S. exports. To cover every possible angle at the GATT session, the White House sent, along with Yeutter, a heavy-hitting team: Commerce Secretary Malcolm Baldrige, Agriculture Secretary Richard Lyng and nearly 60 other delegates...
...thinks that Peking's bid to join GATT will end Chinese protectionism. Says a Western diplomat in Peking: "We all know the Chinese are not interested in facilitating trade. They are interested in facilitating exports." Trade experts think that several years of delicate negotiations lie ahead before GATT members admit China to the club. The Chinese, for instance, may request special treatment as a developing nation. Nevertheless, the fact that China has asked to sit down at the bargaining table with its trading partners is a promising omen...