Marrakesh Agreement

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Marrakesh Agreement
Typemultilateral treaty
Signed15 April 1994 (1994-04-15)
Location Marrakesh, Morocco

The Marrakesh Agreement, manifested by the Marrakesh Declaration, was an agreement signed in Marrakesh, Morocco, by 124 nations on 15 April 1994, marking the culmination of the 8-year-long Uruguay Round and establishing the World Trade Organization, which officially came into being on 1 January 1995. [1]

Marrakesh Prefecture-level city in Marrakesh-Safi, Morocco

Marrakesh is a major city of the Kingdom of Morocco. It is the fourth largest city in the country, after Casablanca, Fez and Tangier. It is the capital city of the mid-southwestern region of Marrakesh-Safi. Located to the north of the foothills of the snow-capped Atlas Mountains, Marrakesh is situated 580 km (360 mi) southwest of Tangier, 327 km (203 mi) southwest of the Moroccan capital of Rabat, 239 km (149 mi) south of Casablanca, and 246 km (153 mi) northeast of Agadir.

Morocco Country in North Africa

Morocco, officially the Kingdom of Morocco, is a country located in the Maghreb region of North West Africa with an area of 710,850 km2 (274,460 sq mi). Its capital is Rabat, the largest city Casablanca. It overlooks the Mediterranean Sea to the north and the Atlantic Ocean to the west. Morocco claims the areas of Ceuta, Melilla and Peñón de Vélez de la Gomera, all of them under Spanish jurisdiction.

The Uruguay Round was the 8th round of multilateral trade negotiations (MTN) conducted within the framework of the General Agreement on Tariffs and Trade (GATT), spanning from 1986 to 1993 and embracing 123 countries as "contracting parties". The Round led to the creation of the World Trade Organization, with GATT remaining as an integral part of the WTO agreements. The broad mandate of the Round had been to extend GATT trade rules to areas previously exempted as too difficult to liberalize and increasingly important new areas previously not included. The Round came into effect in 1995 with deadlines ending in 2000 under the administrative direction of the newly created World Trade Organization (WTO).

The agreement developed out of the General Agreement on Tariffs and Trade (GATT), supplemented by a number of other agreements on issues including trade in services, sanitary and phytosanitary measures, trade-related aspects of intellectual property and technical barriers to trade. It also established a new, more efficient and legally binding means of dispute resolution. The various agreements which make up the Marrakesh Agreement combine as an indivisible whole; no entity can be party to any one agreement without being party to them all.

The General Agreement on Tariffs and Trade (GATT) is a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas. According to its preamble, its purpose was the "substantial reduction of tariffs and other trade barriers and the elimination of preferences, on a reciprocal and mutually advantageous basis."

The General Agreement on Trade in Services (GATS) is a treaty of the World Trade Organization (WTO) that entered into force in January 1995 as a result of the Uruguay Round negotiations. The treaty was created to extend the multilateral trading system to service sector, in the same way the General Agreement on Tariffs and Trade (GATT) provides such a system for merchandise trade.

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Marrakesh Treaty may refer to:

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References

  1. Marrakesh Declaration of 15 April 1994 at World Trade Organization