The Uruguay Round Agreements Act Text: A Comprehensive Overview
The Uruguay Round Agreements Act (URAA) was enacted in 1994 to implement the results of the Uruguay Round of multilateral trade negotiations conducted under the General Agreement on Tariffs and Trade (GATT). The URAA made significant changes to U.S. trade laws and brought the U.S. into compliance with its obligations under the World Trade Organization (WTO) agreements.
The URAA contains several provisions that affect international trade, including intellectual property rights, market access, and dispute settlement mechanisms. This article provides an in-depth overview of the URAA text, its key provisions, and their implications for U.S. trade policy.
Title I: The Agreement Establishing the WTO
Title I of the URAA includes the full text of the Agreement Establishing the World Trade Organization (WTO), which replaced the GATT. The WTO is a multilateral organization that regulates international trade and serves as a forum for negotiating new trade agreements. The URAA made the U.S. a founding member of the WTO and brought the U.S. into compliance with its obligations under the WTO agreements.
Title II: The General Agreement on Tariffs and Trade 1994
Title II of the URAA includes the full text of the General Agreement on Tariffs and Trade 1994 (GATT 1994), which is the updated version of the original GATT. GATT 1994 covers the majority of goods traded internationally and sets out rules for trade liberalization, including the reduction of trade barriers such as tariffs and import quotas. The URAA implemented the changes agreed to under GATT 1994 and brought the U.S. into compliance with its obligations under the agreement.
Title III: Agriculture
Title III of the URAA includes provisions related to agriculture, which were a major focus of the Uruguay Round negotiations. The URAA made several changes to U.S. agricultural laws, including the elimination of export subsidies and the reduction of domestic support for certain commodities. These changes were intended to promote free and fair trade in agricultural products and to reduce distortions in global agricultural markets.
Title IV: Intellectual Property
Title IV of the URAA includes provisions related to intellectual property rights, which were a controversial issue during the Uruguay Round negotiations. The URAA implemented the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), which sets out minimum standards for the protection and enforcement of intellectual property rights, including patents, trademarks, and copyrights. The URAA also included provisions related to the protection of trade secrets and the establishment of a dispute settlement mechanism for intellectual property disputes.
Title V: Services
Title V of the URAA includes provisions related to trade in services, which were a new area of focus for the Uruguay Round negotiations. The URAA implemented the General Agreement on Trade in Services (GATS), which sets out rules for the liberalization of trade in services, including financial services, telecommunications, and transportation. The URAA also included provisions related to the recognition of professional qualifications and the establishment of a dispute settlement mechanism for services disputes.
Title VI: Dispute Settlement
Title VI of the URAA includes provisions related to the dispute settlement mechanism established under the WTO agreements. The URAA implemented the Understanding on Rules and Procedures Governing the Settlement of Disputes (DSU), which sets out the rules for resolving disputes between WTO members. The URAA also included provisions related to the establishment of a dispute settlement panel and the implementation of panel decisions.
Conclusion
The Uruguay Round Agreements Act played a significant role in shaping U.S. trade policy and bringing the U.S. into compliance with its obligations under the WTO agreements. The URAA implemented several provisions related to intellectual property, agriculture, services, and dispute settlement, which have had far-reaching implications for international trade. Understanding the URAA text and its key provisions is essential for anyone involved in U.S. trade policy or international trade.