Yeutter Institute of International Trade and Finance


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U.S. government work.


I would like to speak to you this morning about the future of the world trading system. It seems appropriate, on the GATT's 40th birthday, to recognize its past achievements while also looking forward to its future-challenges. We must together develop a vision of the GATT that will serve the needs of the twenty-first century. Forty years ago, the legacy of a great depression and a world war was high import duties and restrictive quotas. World trade had shriveled. Recognizing this sorry state of affairs, concerned countries came together to establish a mechanism for reducing trade barriers and for carrying out trade policies on the basis of fair and equitable principles.