Economics, Econometrics and Finance
8 years ago

Uruguay Round boosts developing economies' real incomes by 2%.

World Bank discussion papers
The Uruguay Round and the Developing Economies
Alan Winters, Will Martín

Paper Summary

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The Uruguay Round had a significant impact on developing economies. It set rules for agricultural trade but didn't immediately open markets. Tariff cuts on manufactured goods and the end of the Multifiber Arrangement benefited developing countries. Overall, protection cuts boosted real incomes in developing nations by 1.2-2.0% of GDP in 1992. The creation of the World Trade Organization strengthened global trade.