Word: traded
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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...
...could think of this as a last-ditch attempt to shore up international trade, but until it goes into effect it is too early to judge its impact," Jagdish Bhagwati, professor of economics at the Massachusetts Institute of Technology said yesterday...
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...
...added the pact could meet opposition particularly from trade unions that inhibit labor mobility necessary to increase productivity...
John E. Ray, director of the office of international trade, said yesterday it remains to be seen how well the agreement will work and that the pact has a good chance for ratification in Congress...