http://worldcat.org/entity/work/id/765197031

The effects of the Tokyo round of multilateral trade negotiations on the U.S. economy an updated view

The formal negotiation phase of the Tokyo Round of Multilateral Trade Negotiations (MTN) was concluded in Geneva on April 12, 1979, with 23 countries, including the United States, agreeing to a package of measures designed to reduce obstacles to international trade. Eighteen other countries endorsed only parts of the complete package. The agreements reached in Geneva included a multilateral reduction in t tariffs, the establishment of new codes of conduct for international trade, some reductions in barriers to trade in specific commodities, and reforms of the framework of the General Agreement on Tariffs and Trade (GATT), the general set of principles that has governed international trade throughout the postwar period. In accordance with the terms of the Trade Act of 1974, which gave the U.S. President authority to negotiate changes in U.S. trade policy, President Carter has submitted to the Congress the Tokyo Round agreements and the legislation necessary to implement these agreements. The Trade Act stipulates that the Congress must approve or reject the agreements and the legislation without amendment within 90 legislative days. The agreements will enter into force for the United States when and if the implementing legislation is approved by both houses of the Congress. The Trade Act gives the President power to reduce U.S. tariffs without subsequent Congressional approval. Accordingly, only the nontariff parts of the Tokyo Round agreements require Congressional action.

Open All Close All