Uruguay Round Agreements Act

Definition and stakes

Portrait of Bill Clinton Bill Clinton,  Proclamation 7011

“ Section 111 (b) of the Uruguay Round Agreements Act (URAA) (19 U.S.C. 5321 (b) ) authorizes the President to proclaim the modification of any duty or staged rate reduction of any duty set forth in Schedule XX for products in tariff categories that were the subject of reciprocal duty elimination or harmonization negotiations during the Uruguay Round, if the United States agrees to such action in a multilateral negotiation under the auspices of the WTO and after compliance with the requirements of section 115 of the URAA (19 U.S.C. 3524) . ”
Source: Wikisource

Portrait of Fidel V. Ramos Fidel V. Ramos,  Third State of the Nation Address

“ Second, modernization of our politics -- making people empowerment work in place of political patronage. Third, social reform -- modernization of the Filipino family and the national community. We must prepare our economy for the new trading order ordained by the Uruguay round of the General Agreement on Tariffs and Trade. Our survival in the evolving World Trade Organization will depend on how competitive our export industries can become. In politics, our task is to raise the national capacity of the state. Power must come not from force but from legitimacy. ”
Source: Wikisource

Get perspective with Kwize: daily news enlightened by great literature