International trade policy

In 1973 and 1974 major negotiations took place under GATT Article XXIV (6), for compensation due to third parties, following the unbinding of UK tariff items consequent upon adoption of the EEC's common Customs tariff and common agricultural policy. With most of the negotiations under this head brought to a conclusion by the middle of 1974, and new arrangements for international trade in textiles having entered into force at the beginning of that year, the way was almost clear for another “round” of bargaining for a global liberalization of international trade under GATT. The formal inauguration of the current round, marked by a Ministerial Declaration, had already taken place in Tokyo in September 1973, but its substantive engagement had been repeatedly stalled by delays to passage by Congress of the Trade Bill giving the US Administration the necessary powers, both in this matter and over implementation of the US scheme of generalized preferences.


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