trade rounds

(economics/trade) Cycles of multilateral trade negotiations under the General Agreement on Tariffs and Trade (GATT) and the successor World Trade Organization (WTO), culminating in simultaneous agreements among participating countries to reduce tariff and non-tariff trade barriers. Negotiations are held in “rounds” originally named for the location of the negotiations. See Trade Rounds table on following page. See also Doha Round; General Agreement on Tariffs and Trade; Tokyo Round; Uruguay Round; World Trade Organization.

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