rollback

(GATT) Refers to an agreement among Uruguay Round participants to dismantle all trade-restrictive or distorting measures that are inconsistent with the provisions of the General Agreement on Tariffs and Trade (GATT). Measures subject to rollback would be phased out or brought into conformity within an agreed timeframe, no later than by the formal completion of the negotiations. The rollback agreement is accompanied by a commitment to “standstill” on existing trade-restrictive measures. Rollback is also used as a reference to the imposition of quantitative restrictions at levels less than those occurring in the present.
See standstill; General Agreement on Tariffs and Trade; rounds; Tokyo Round; Uruguay Round.

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