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Excerpt from Review of the Uruguay Round Gatt Agreement Implications for Agricultural Trade: Hearings Before the Committee on Agriculture, House of Representatives, One Hundred Third Congress, Second Session; March 16 and April 20, 1994; Serial No. 103-56
O The Uruguay Round marks a beginning, not an end. The Uruguay Round agreement in agriculture is the first step in moving world agriculture towards more liberalized markets. It commits gatt members to consider further liberalization. Consider the case of non-agricultural goods. Prior to 1947, the average tariff rate for non-agricultural goods exceeded 40 percent. After seven gatt rounds, the average tariff rate for these goods was just 5 percent. The Uruguay Round will reduce these tariffs further to percent.
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