The world's major non-Communist industrial nations reached an historic agreement in Geneva last night (Monday) to cut tariff barriers on tens of thousands of products in the biggest trade liberalisation deal ever made.
GV Building delegates enter.
GV Swiss delegate entering.
GV Japanese delegate enters.
GV GATT Sec. Gen. Mr Whyte arrives and gives thumbs-up sign.
GV INT Delegates at table.
SV Cameramen ZOOM TO Whyte making statement.
CU Whyte speaking ZOOM OUT to conference table.
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Background: The world's major non-Communist industrial nations reached an historic agreement in Geneva last night (Monday) to cut tariff barriers on tens of thousands of products in the biggest trade liberalisation deal ever made.
The agreement -- just before midnight -- was the final outcome of he four-year-old Kennedy Round negotiations, launched on the initiative of the late President John F. Kennedy.
The tariff cuts, affecting products ranging from knives and forks to cars and refrigerators, will mean stiffer competition for manufacturers and in many cases a better deal for the housewife. The cuts are likely to take effect on 1968, phased over a five-year period.
The Kennedy round turned out to be a cliffhanger to the end. The official announcement just before the scheduled closing time came from the Secretary-General of the General Agreement of Tariffs and Trade (GATT), Mr. Eric Wyndham Whyte.
He said the results of the Kennedy Round were of a far greater magnitude than those obtained in any previous trade negotiations. Agreement of outstanding importance had been reached on chemicals and steel -- two of the most controversial issues in the protracted talks.
Mr. Wyndham Whyte said the countries taking part accounted for around 80 per cent of world trade.