Effects
U.S. tariff concessions involved $8.5 billion worth of goods, and foreign tariff concessions on imports from the U.S. involved $8.1 billion. 64% of non-agricultural dutiable imports were covered by U.S. linear cuts, with an average tariff reduction of 35%. Foreign tariff reductions were on average 34%, and covered 48% of their non-agricultural dutiable imports. Non-tariff achievements included the establishment of the GATT Antidumping Code of 1967, which gave a procedural framework for negotiating dumping accusations and expanded upon the original Article VI in GATT. The round can also be seen as a success for developing nations. A “Trade and Development” section was added to the GATT charter; its most significant feature was excepting developing nations from the rule of reciprocity. It also called for the stabilization of raw material prices. Further, the agricultural grains arrangement provided for higher minimum trading prices as well as a food aid program to developing countries. Some progress was also made with negotiations on commodities. The round extended the Long Term Cotton Textile Arrangement for another three years and provided frameworks for negotiating steel, aluminum, chemicals, pulp, and paper tariffs.
Read more about this topic: Kennedy Round
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