binding dispute settlement mechanism. The Marrakesh agreement also provided for further cuts in tariffs, significant reductions in agricultural subsidies, elimination of textile and apparel quotas over ten years, new trade rules for services, intellectual property, and trade-related investment. The most comprehensive of all GAT trade agreements, the Uruguay Round agreement broke new ground in a number of areas. It improved market access in many sectors by reducing tariff and nontariff barriers. The…
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