TEL: 15. Apr. 94 16: 42 No. 017 P.( 1202
PRIME MINISTER
STATEMENT BY THE PRJME MINISTER, THE HON P J KEATIYG MP
URUGUAY ROUND
The signing today in Marrakesh, Morocco, of the " Final Act" of the Uruguay Round
marks the formal end of these multilateral trade negotiations. Over 120 countries will
be represented, with Senator McMullan signing on behalf of Australia.
Signing of the final act represents the culmination of over 8 years of sustained and
intensive effort by Australia, including through our leadership of the Cairns Group, but
also our active role in services and other negotiations.
The benefits of the Round outcome are widely acknowledged. It represents the largest
trade agreement ever in terms of countries involved, products covered and
liberalisation achieved. Se: veral studies have now confirmed world trade could be
boosted by as much as $ 1,000 billion when the full effects flow through. Australia
could gain up to $ 5 billion in export revenue and $ 4 billion to GDP over the next
years, with benefits across the full spectrum of Australian exporters.
Since the Uruguay Round deal was struck in December last year, we have already seen
a restoration in world business confidence and a rallying of a number of world
coimnodity markets of importance to Australia.
I hope that countries will now move quickly so that the new World Trade Ozganisation
can be in place from 1 January 1995. The creation of this body will bring new vigour
to the world trading system. Strong multilateral trading rules remain crucially
important for Australia and other medium and small sized trading'nations.
Australia will continue efforts in the WTO to pursue liberalisation in world markets
and to ensure our voice is heard in future discussions on issues such as trade and the
environment, and trade and competition policy.
The Uruguay Round aclhievement also provides a good basis for seeking further trade
liberalisation in the Asia-Pacific region. I am pleased that APEC trade ministers met in
Marrakesh to take forward the direction from Leaders that APEC undertake work
aimed at deepening and broadening the Uruguay Round in our region.
April 15, 1994
CANBERRA
Keating, Paul
Period of Service: 20/12/1991 - 11/03/1996
Find more information on Keating, Paul on the:
Release Date:
15/04/1994
Release Type:
Media Release
Transcript ID:
9195
Document:
00009195.pdf
1 Page(s)
Released by:
- Keating, Paul John
STATEMENT BY THE PRIME MINISTER THE HON PJ KEATING MP URUGUAY ROUND
9195