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→The Uruguay Round
==The Uruguay Round==
==The Uruguay Round==
The Uruguay Round was a turning point as the world trading system saw some major reforms. It saw some results very early and within two years, the participants agreed that they would implement a cut package on import duties on the tropical products, exported mainly by the developing countries. Rules to settle disputes were also revised and measures were taken to implement them on the spot. To make the trade regimes transparent they suggested that the GATT members have to submit regular reports on their trade policies.<ref>[http://www.wto.org/english/thewto_e/whatis_e/tif_e/fact5_e.htm The Uruguay Round]</ref>
The Uruguay Round was a turning point as the world trading system saw some major reforms. It saw some results very early and within two years, the participants agreed that they would implement a cut package on import duties on the tropical products, exported mainly by the developing countries. Rules to settle disputes were also revised and measures were taken to implement them on the spot. To make the trade regimes transparent they suggested that GATT members submit regular reports on their trade policies.<ref>[http://www.wto.org/english/thewto_e/whatis_e/tif_e/fact5_e.htm The Uruguay Round]</ref>
Uruguay Round’s seeds were sown at the Geneva meeting in November, 1982. The meeting was a failure, but its work programme became the agenda for the Uruguay Round, which was held in Punta del Este, Uruguay in the year 1986. The negotiation was to extend the present trading system to include trade in intellectual property and services, and to bring about reforms in the sectors of textiles and agriculture.
Uruguay Round’s seeds were sown at the Geneva meeting in November, 1982. The meeting was a failure, but its work programme became the agenda for the Uruguay Round, which was held in Punta del Este, Uruguay in the year 1986. The negotiation was to extend the present trading system to include trade in intellectual property and services, and to bring about reforms in the sectors of textiles and agriculture.