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Unformatted text preview: just goods o TRIPS also introduced enforced copyrights, patents, trademarks and other intellectual properties o All three GATT, GATS, & TRIPS came out as the three central chapters of the new regime in the Uruguay round. The Uruguay round negotiators wanted to create a new institution, the WTO which replaced GATT on Jan 1, 1995. o The dispute resolution system was regarded as central to the multilateral trading system o In the first 7 years, the WTO heard 242 cases compared to 300 in 50 years in GATT o Out of all the new rules and regulations in the WTO the agriculture and textile sector was said to have had minimal effective market opening Controversy with China in the WTO o Represents tensions between developed and developing countries o There were many rules and regulations but finally China agreed to sharp tariff reductions and gained entry to the WTO on November 11 2001 o...
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