GATT AT A GLANCE
The key parts of the 22,000- page
Agreement on Tariffs and Trade:
San Francisco Chronicle
- Slashes border taxes by an average of 38 percent worldwide
on products including food, electronics, cars and clothing. The
Clinton administration has said this represents the largest tax cut in
history, a reduction globally of $744 billion.
- Reduces government supports to farmers that cost taxpayers
in wealthy countries an estimated $160 billion annually. U.S. farmers
hope it will make their products more competitive on overseas markets.
- Phases out quotas erected by the United States and other
wealthy industrialized countries to limit imports from developing
nations over a 10-year period. The quotas would be replaced in some
cases by tariffs.
- INTELLECTUAL PROPERTY
- Establishes new rules to clamp down on theft of
copyrights and patents, protect manufacturers and consumers against
fake products, and encourage new inventions through better patent