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Services Trade and the Uruguay Round: An Issue Overview (CRS Report for Congress)

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Release Date Dec. 5, 1995
Report Number 95-1169
Report Type Report
Authors Arlene Wilson, Economics Division
Source Agency Congressional Research Service
Summary:

The General Agreement on Trade in Services (GATS), which went into effect on January 1, 1995, is a significant achievement, but only a first step on the road to liberalization of services barriers. For the first time, legally enforceable multilateral rules and principles for services trade are part of the international trading system. At the same time, the immediate elimination or reduction of barriers to services transactions was much less than desired by many. The GATS, however, includes provisions for future negotiations to liberalize trade. The Congress will have an important consultation role in these negotiations. If agreements are achieved, legislation may be necessary to implement them.