ABSTRACT
The Uruguay Round of multilateral trade negotiations (MTNs) was complete in 1994. The formal agreement was signed on 15 April 1994 in Marrakesh, Morocco. Therefore, it is also referred to as the Marrakesh Agreement. The conclusion of the Uruguay Round generated substantial gains in market access for many countries, including developing countries. One tangible result of the Marrakesh Agreement was the birth of the World Trade Organization (WTO) on 1 January 1995. Increased transparency and predictability that emanated from the enhanced WTO rules improved the commercial environment for both exporters and importers (discussed in Chapter 1). Implementation of various agreements made under the Uruguay Round was to continue to run through to 2000 in some cases and beyond for others. Implementation of the accord on the Multifiber Arrangement (MFA) was scheduled to continue through to 2004. Three important achievements of the post-Uruguay Round period are signing off on the Information Technology Agreement at Singapore, crafting the Basic Telecommunications Agreement, and the adoption of the Financial Services Agreement (Table 2.1). All these three agreements were substantial achievements of the open trading system, even if they were not media spectacles.
