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GATT

A Reason for Hope

The economic situation in the world is in a peculiar ambivalent state, pressurised by centrifugal forces acting to destroy the monetary system, with overtones of general chaos manifest in its wake. The prolonged financial and monetary instability has had a debilitating effect, particular cause for concern being the increasing of indebtedness of almost all the Less Developed Countries (LDCs). Realizing that concrete steps have to be taken to arrest the explosive situation from deteriorating further, Trade Ministers meeting at a Special Session of Contracting Parties at Punta de Este (Uruguay) decided in September 1986 to launch Multilateral Trade Negotiations (MTN) calling it the Uruguay Round. These negotiations were to be open for participation to all the Contracting Parties of GATT including those that have acceded provisionally. As a measure of bringing more countries into the process, those countries applying for and even intending to apply for admission have been invited to the discussions. This has created a truly world-wide forum intended to draw the maximum number of nations into the mainstream of an acceptable solution to all concerned, cognizant of the fact that the efficacy of any system devised will depend upon maximum participation.

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