Ministers at the General Agreement on Tariffs and Trade (GATT) Conference in Tokyo, Japan, adopted a resolution on Friday (September 14) to start negotiations aimed at reducing the barriers to world trade.
Ministers at the General Agreement on Tariffs and Trade (GATT) Conference in Tokyo, Japan, adopted a resolution on Friday (September 14) to start negotiations aimed at reducing the barriers to world trade. GATT's Directory-General, Mr. Oliver Long, declared the conference a 'smashing success.'
His assessment was mad to pressmen at the end of the three-day conference which had been attended by one-hundred-and-two countries.
The conference, formulated an eleven point declaration as a framework for the negotiations. The first round of bargaining will take place in Geneva in October, and negotiations are expected to continue for two years at the very least before agreement is reached.
These negotiations will have a far broader scope than the last discussions to reorganize world trade - the so called 'Kennedy Round' of the 1960s. The negotiators will be trying not only to lower tariffs but to remove the numerous and complex non-tariff barriers, such as export subsidies and customs procedures. Also, the developing countries, who made up more than two-thirds of the delegations, will play a much greater part in the talks.
SYNOPSIS: The three-day ministerial conference on the General Agreement on Trade and Tariffs (GATT) closed in Tokyo on Friday with an eleven point declaration, which will shape future negotiations on international trade. The declaration calls for negotiations ion lowering tariff and non-tariff trade barriers, such as export subsidies. The first round f talks will take place in Geneva in October, and there will then be meetings for at least tow years before an agreement is reached.
GATT's Director-General, Mr. Oliver Long, accompanied by Japanese Foreign Minster, Mr. Masayoshi Ohira, summed up the Conference's achievements. Although the conference had revealed a sharp division between France and U.S. on currency agreements, Mr. Long said there were good grounds for optimism about international trade.