Restructuring the Gatt

Book excerpt: "The multilateral trading system based on the General Agreement on Tariffs and Trade (GATT) is being eroded by a shift to bilateralism, surging protectionism, and flouting of its rules by the major trading countries. The inclusion of the complex issues of services, intellectual property, and investment in the Uruguay Round has only increased the strain on the GATT's structure. Reform and strengthening of the GATT system can no longer be delayed. Jackson argues that part of the problem lies in the defective constitutional nature of the GATT itself. He examines the institutional and constitutional changes the GATT would need in order to contain protectionist pressure and respond to the new issues in the evolving international economy. Jackson outlines the provisions of a new charter that would strengthen the foundations of the system. His proposed reform challenges policymakers and practitioners to think beyond the modest objectives of the Uruguay Round"--Unedited summary from book cover.